Updated almost 4 years ago on . Most recent reply
1031 lease with option help
Ok any help with this would be great!
here is the deal,
1 we( my dad and I) have completed a spec and have the profit (180k) in a 1031.
2 we have a comical property under contract for 310 (180+100extra+30 owner financed)
3 we don't have enough down for the building we want to build so we want to use the 1031 to 30+ year lease for 280 with option to buy for 30k ( we happen to know the seller)
will this allow us to 1031 another spec house to exercise the option and make a down payment without the irs clapping us? (The bank says they are good with it).
again, any help would be greatly appreciated.