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Transferring gains between 2 LLCs
OK,
This is a little obtuse but just stay with me. I was in the process of making two simultaneous but separate 1031 exchanges from two SFRs to two MFs. Well, here comes Hurricane IRMA and screws up one of the target MFs necessitating a new roof which the seller refuses to negotiate on. So I'm pulling out of that purchase. Meanwhile the second purchase is OK after the storm.
The remaining purchase is in the 750K range so by the numbers I can use the sale of the two SFRs ($145k+215k) to move into the larger MF. Here's the kicker, the SFRs were in different LLCs. Trying to find a way to combine the proceeds into a 2 for 1 1031 exchange.
Any suggestions? I'll talk to my QI on Monday but was looking for creative ideas and experiences here. One thought is to Quit Claim one of the sales into the other LLC just prior to the closing, but need to run that one by legal.