1031 Exchange - Can I sell property to create investment LLC?
This may be a dumb question, but can I sell a long term held rental property to create an real estate investment LLC using a 1031 exchange?
I am looking into becoming a hard money lender and wanted to raise my capital by selling one of my rental properties that I have been holding for quite some time. Can I turn this cash into a 1031 exchange and create an LLC for lending?
I already know the best place for the answer is a CPA and/or a lawyer, I am asking on this forum for some feedback, not the "Captain Obvious" response.
Thanks to all!