Updated 3 days ago on .
Most recent reply
presented by
Managing parents' property, enough to qualify as a REP?
My parents' have a commercial property. For various reasons, I don't love the current property and want to 1031 exchange it for them.
If I manage the whole process, can I qualify as a REP?
-manage the selling of current property
-"manage" the 1031 exchange (I use the word "manage" loosely here since it would involve an org to help with this)
-manage the purchase of the new property
-manage insurance, invoices, the loan, distributions, etc on an ongoing basis
Are there any liability or qualifications I need to be aware of as well? Do they need to "pay" me say $200 a month or something to help me further qualify?
The new property would likely not be local. It would likely be NNN and out of state. So involvement may be somewhat limited.