Delayed 1031 and SBA loan
BP, I need your help!
I am considering the purchase of a small commercial property using a SBA 7a loan. The loan would be in the name of an LLC (an eligible passive company). I would like to finance the property without selling another rental property I own in my own name. I understand that I can utilize a 1031 exchange to sell the property and exchange it for the new property now.
However, I would like to avoid selling my investment property as I am in the accumulation phase of my investing life. I would like to add the condo to my portfolio. Can I purchase the condo and at a later date, if I determine it necessary, sell the investment property I already own and 1031 exchange the proceeds into the condo I have since purchased? Is there a way to buy into the LLC that owns the condo or some other scenario?
Thanks,
Tim