Exchange rental property for real-estate fund?
Hello! I am excited to join this forum and thank you in advance for reading my question...
I currently own an investment property (a condo) in Seattle, which I have rented out for the past 9 years. I would like to sell that property, and buy into a real-estate fund (I am already a partner of the fund, but would like to increase my ownership). The Fund has been organized to invest indirectly in multifamily housing properties through the acquisition of interests in special purpose LLCs and other holding vehicles.
Would this qualify for a 1031 Exchange?
Many Thanks,
Joe