1031 Tenants in Common Ins and Outs
In the end, I'd certainly get qualified legal/tax advice, but I'm looking for some more initial information here. If my wife and I sell an investment property (held in our names) and do a 1031 Tenants in Common exchange together with my mom, what are our options and restrictions? My wife and I certainly wouldn't live in it, but would my mom have the option of living in it as her primary residence? Would my wife and I have to collect rent? After a period of time (minimum 2 years?), would my mom/or another TIC owner be able to purchase our portion? If my mom did, I imagine we wouldn't be able to do another 1031, because it's non-arm's length; while an arm's length investor would allow us to 1031? If it was eventually converted to a partnership, would that give us additional options? Or could that be considered a step transaction?
I'd appreciate any info around this type of scenario -- thanks!