1031 exchange into properties your LLC owns
BP, I am in the fact-finding stage. I know the general rules of a 1031 exchange. I read something about purchasing properties you already own, is not allowed, in a 1031 exchange. However, I read a few things about how it might be allowed. If I currently own rentals in an LLC that I am a 50/50 managing member of. Can those properties be sold to a different LLC and the 1031 exchange money be used?
I assume not but I still would love to hear from some smart people out there. I currently own five SFH rentals and would like to know my options with those compared to purchasing something/s new which the exchange. Which I know is allowed.