?- Financing the Back End of a 3-for-3 Exchange; Maxing Mortgages
Doing our first 1031 exchange, where we are selling a package of 3 single-family properties, which we hope to turn into 3 or more turnkey properties. Currently, all 3 properties are held jointly (and equally) by 3 individual partners, not as an LLC.
When we purchase and finance the 3+ properties on the back-end, we want to structure our deals to maximize the # of traditional mortgages that we can get between the three partners. Questions:
- If we get three new properties on the back end of the exchange, can each new property be financed under only one of the partners names?
- From a 1031 perspective, do all of the purchased properties have to be held in all 3 partners names?
- If Partner A takes out the mortgage for any of the properties, does holding the deed in all 3 partners names cause any issues for the mortgage company?
Any advice is truly appreciated. Thank you!