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Buying 1031 exchanged properties from family members
Hi I'm wondering the possibility of buying a property from my father in law who lives out of state. He would be doing a 1031 exchange for a house he currently owns in his state to a house out here for us to rent in WA. We would then like to do a Lease to Own option from him or a seller finance deal from him.
My question is what would be the best way to do this legally and the best way to structure this. Is this kind of thing possible? If we were do to this and buy the property from him after he 1031 exchanged would he then be able to do another 1031 exchange?