1031 exchange "like kind Title"

[Ashley Pimsner]

Ok BP I need your help.

I am selling a condo that has both my wife and I on Title and plan on exchanging into a commercial investment property.

The problem I am running into is that in order to finance a commercial property most lenders require a business entity like an LLC in which to lend.

So, how do I finance a commercial property in an LLC and keep the Title exactly the same ( remember both wife and I on Title of condo) so that I comply with IRS 1031 rules.

I am located in Illinois and plan on purchasing here, but since it is not a community property state, it appears a Single member LLC would not work.

Only thing I can think might get me to a disregarded entity status would be for my wife and I to purchase commercial property in a land trust and then assign the beneficial interest to an LLC.

@Clint Coons

@Bill Exeter

@Dave Foster

@Brian Gibbons

Any and all info would be greatly appreciated!