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Using 1031 To Go Into The Next Deal With A Partner/RE Investment Group
I bought a small portfolio of properties using a 1031. I now want to sell these properties using a 1031 while purchasing a replacement property with either a partner or a real estate investment group. Are there any restrictions against doing this? Is there anything I need to inform a partner of in case they are concerned about anything? Is there anything I should be aware of since I won't be going into the next deal by myself?
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#3 1031 Exchanges Contributor
- Investor
- Las Vegas, NV
You must individually own a set percent of the new purchase equal or greater than your selling property in the same tax paying name as when you sold. (You can't buy part of an LLC that owns a property, or buy in to a syndication as a regular LP.)
Reach out to an expert like @Dave Foster before you buy and preferably before you even sell. He can make your transaction work smooth as silk. There will be an any to make it work, but once you do it wrong it can’t be fixed.