Calling all 1031 Exchange experts - Off standard question
As part of my partner and I's year two growth strategy, we will each be purchasing a duplex with an FHA loan that we plan to separately house hack for two years (me with my girlfriend, he with his current roommate). After occupying them for 2+ years we will then be looking to 1031 exchange them both to size up under our LLC. While living in them we will be pooling capital together, equal contribution, to perform a live-in rehab to both properties to force appreciation over the two years we occupy the properties.
Disclaimer: I have a very beginners level understanding of all of the principles being discussed and will be covering all of this this with my CPA and attorney in the future, but I first wanted to educate myself with the help of the experts of BP in advance.
My question is, what is the best path to get these properties from our individual names and into the LLC when we 1031 the two properties to size up into the new property/properties? Could we each get an FHA loan under our LLC/Partnership and sign as a personal guarantor; he as a personal guarantor on his duplex and me on mine, so that for tax purposes when we go to exchange we aren't transferring the taxable owner and nullifying the opportunity to 1031 exchange it? Is that even possible/qualifying? If yes, I guess my next question would be will we be able to obtain a FHA loan under the LLC by signing as a single personal guarantor on the loan?
Thanks in advance for any and all help, and please let me know if I was unclear in any way (I know this is a bit of an oddball question).