All Forum Posts by: Maresa Decena

Hey BP Family!

I'm looking for some guidance on initiating a 1031 Exchange.
I purchased a SFH in NC under my LLC. I'd like to sell it and use the funds towards a vacation home in Northern California (the property has already been identified). I'd like to purchase the vacation property with a partner. My understanding is that w a 1031 Exchange, the new property must hold tile in the same way as the old property. In this case, that would have to be under my LLC? Someone please correct me if this information is wrong!

I'd like my partner to also be recognized as 1/2 owner in the new property. How does that work? Has anyone done something similar? Any lessons learned you can share? Who else was on your team throughout the process? Also, does anyone have experience with a reputable Qualified Intermediary or company who assists in situations like this?

Thanks in advance for your help!