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Updated about 1 year ago,
Bowling alley? Like for Like, mixed use?
Hi, had posted this as a reply but better suited as it's own I think.
Hoping someone is up for the intellectual challenge of this situation...
I'd like to sell my 2 unit residential duplex (in my name) and 1031 into a property that's a bowling alley/bar/3BR apartment. Given the apartment and long term rental (bowling alley could be leased to an LLC if needed), is that a like kind exchange?
With the liability of the bowling alley and bar I'd want an LLC (presuming I owned the bowling co). But if I'm 1031ing from my own name, would I then wait the 12-24 months before LLC? Seems risky?
Any related advice or blind spot ?
Thanks,
Husband of wife who said yes to a bowling alley.