Updated about 10 years ago on . Most recent reply
1031 exchange, tenants in common
Have a house closing under a single member LLC selling for $145,500. We will be doing a 1031 exchange and then taking those proceeds and applying them to a vacation rental cabin investment of $264,000. We are getting a 30 year joint mortgage on the cabin and then after it closes, redeed it back to the LLC. The 1031 exchange guy is telling me that we need to devy the shares by tenant in common ownership. He says the contract and deed both need to be written as tenant in common. Question is this. How do you write this up on the contract correctly? Is this really on the contract or is this an agreement done outside of the contract?