13 units - 2 Buildings 1031 to SFRs
Hi all before I call my 1031 specialist figured I would see if the community has dealt with this scenario.
I am getting some silly offers on my 13 units. I am considering taking an offer but I refi'd earlier this year and if I take a sale I will get super hosed. I really don't want to be in a 1031 situation and buy a bigger building right now and have to overpay.
I would like however to buy a bunch of SFRs with the profits, even put a mortgage on buying the bunch. I can work out the particulars with banks financing the purchase of the singles. That I am not worried about.
Also, I don't want to buy a pool of SFRs. I would if I had to but I have been successful at SFRs buying this year so I would like to buy a bunch in the 1031 window that I hand pick, even with same majority ownership on the individual SFR LLCs to adhere to 1031 rules of like-kind.
My main question is can I even do it? Will the Govt get what I am trying to do and see that say 15 SFRs were purchased from the sale of the building?
Let me know your thoughts.
