transfer property into LLC before or after 1031?
My wife is selling land titled in her name, we want to 1031 the proceeds into a multifamily and own it through an LLC for liability protection. We know the 1031 relinquished and replacement properties must be titled to the same taxpayer, so the question is whether we should retitle the land to a new LLC before closing the sale to relinquish, or if we should 1031 in her name and transfer to the LLC after closing the replacement sale. Seems like it would be best protection to retitle to LLC before relinquishing?
Second question: if we transfer the land into the LLC first, is there a required waiting period before we can do a 1031 relinquish; or if we 1031 the personally-owned land into the multifamily first, is there a a required waiting period before we can transfer the multifamily replacement into an LLC?