Option Agreement, Vacant Land, Pre-Paid Expenses
I have some funds in a couple different 1031 exchanges. I have a piece of land under option, that I have been working with the City on a lot split and plans for construction of SFHs.
Let's say my purchase price is 450k. I have fronted 150k in expenses.
The seller wants to carry financing now, so very little cash will be required.
Can I have the Seller change the sales price to 600k? Reimburse my contractors company 150k in costs through escrow, that way I can get more cash out of my exchange?
I have read about improvement exchanges and that won't work for what I am after.