Can you add a partner to a 1031 exchange
I have a friend that is purchasing a strip mall with money from a 1031 exchange. The exchange will fund 25-30% of the purchase price. He wants me to partner with him and provide the rehab money. I know he can enter into a partnership at the purchase since he owns the first property in his own name, but can we create a llc after the exchange goes through and enter into a partnership shortly after?
From the research I have it looks like we can buy it as tenants in common, but not as a partnership? Not sure if I interpreted it correct?
I don’t really want to own the property in my own name. I would rather it be in an llc.