1031 exchange "like kind Title"
Ok BP I need your help.
I am selling a condo that has both my wife and I on Title and plan on exchanging into a commercial investment property.
The problem I am running into is that in order to finance a commercial property most lenders require a business entity like an LLC in which to lend.
So, how do I finance a commercial property in an LLC and keep the Title exactly the same ( remember both wife and I on Title of condo) so that I comply with IRS 1031 rules.
I am located in Illinois and plan on purchasing here, but since it is not a community property state, it appears a Single member LLC would not work.
Only thing I can think might get me to a disregarded entity status would be for my wife and I to purchase commercial property in a land trust and then assign the beneficial interest to an LLC.
@Clint Coons
@Bill Exeter
@Dave Foster
@Brian Gibbons
Any and all info would be greatly appreciated!