Updated about 7 years ago on . Most recent reply
1031 Exchange and LLCs
I have a question regarding a 1031 exchange. I own some single family rentals and a newly aquired mobile home park. I am curious about selling one of the single family rentals and 1031 exchange to pay down the mortgage on the mobile home park. My wife and I started an LLC that owns the park. Could we start a new LLC and have it buy the park from the old LLC (simulating a new aquisition of like and real property) for the 1031 exchange? I realize you cant use 1031 exchange to pay down a mortgage on a property that you already own, but is this a loop hole?