Does anyone have experience with 1031exchanges and LLC's?
I presently have a property in NJ that is in an LLC and I would like to sell it and buy investment properties in NC. I'm unsure as to what the first steps are that I should take OR if having the property in an LLC affects the process. My questions are as follows:
1. What step do I take first? Do I set up and LLC in NC as the first step before buying property, then find a property here I'm interested in then sell NJ property and then place those funds into 1031 exchange and then purchase the NC property via the NC LLC. If someone could write out the steps for me in order of how to proceed that would be great.
2. Where do I find legit folks to hold the funds for the 1031 exchange? How does that work?
3. When do I go about dismantling the NJ LLC when I switch over to an NC LLC and is it a long and difficult process?
4. What if I find one property to buy but am not able to utilize all funds from the 1031 on time to purchase another? For example, what If I make 300,000 on sale of NJ property but am only able to spend 200,000 on another rental before the deadline?
Any advice would be greatly appreciated.