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1031 into an LLC
Hi all,
My brother @Aaron Smith is planning on 1031'ing proceeds from his 4 unit into a 4 unit renovation project in Washington DC.
Two quick questions for all you 1031 experts:
1.) Can he 1031 into an LLC? (meaning can he purchase the property with an LLC, having 1031'd into it). He owned his previous property in his own name.
2.) If so, can the LLC have a partner?
The reason we are asking is so that he can have the best chance to get approved for financing (If a partner is able to join the LLC to bolster the financial strength of the LLC).
Any and all comments are invited.
Thanks
Josh