Rolling a 1031 from a tic, into a multi member LLC

[Norm Kopesky]

I am part of a joint ownership structure on a large multi family property, several of the owners have used 1031 funds to join our project and we are wanting to roll that project into 1 LLC, with all of the original owners as members of the LLC.

The intention is to hold the project indefinitely, but to streamline the cpa side, and add additional liability protection. 

Can we do this?

I hope to get a feel for the answer while I await a response from my intermediary and cpa. 

Norm

[Dave Foster]

@Norm Kopesky, There is no statutory period. Your personal tax profile might lead your CPA to recommend a period of time. But the equivalency of consolidating several TIC positions into one entity ownership position can be easily defended on business reasons.