1031 Exchange/ Inheritance
My father wants to sell me his property for $1. It's a paid off 3 unit that I would like to 1031 exchange for something much larger and I'd like to pay him back. He wants to avoid taxation of selling it and he wants to put it in my name sooner rather than later, but would still appreciate being repaid for it. I don't want it in my name. I want to put it in an LLC. Can a family member sell it to me for $1 if it's in an LLC? I'm going to ask my lawyer but I thought I'd pose the question here since it's probably a unique situation that may have not been discussed here before.