1031 with co-owned property? What is possible?
I inherited a property with my brother - we're planning on selling and doing a 1031 but can we both 1031 individually? For example and for simplicity, say the property sells for $500,000 we will split the proceeds so we have $250,000 each. Can I take my $250,000 and use a 1031 to invest it in a property I will manage - and my brother takes his $250,000 and invests it in his own property?
I've read there are limits on the number of properties you can invest in from a 1031 but I haven't verified that.
From what I've read the limit is 3 properties can be purchased via the proceeds from a 1031. If that is the case - could I invest in 3 properties and he invest in 3 properties - since we are both owners and both looking to 1031?
Thanks :)