Looking for Advice on 1031 exchange to 8 properties

[Richard Olshove]

Fellow investors, looking for some advice here and confirmation that I understand the rules correctly.  I have a CA property that I am looking to sell $430K and will net $260K gain.  I want to 1031 into as many properties as possible (8-9 $100K each with 25% down).  But it just doesn't seem feasible for a couple of reasons:

1. Buying 8-9 properties would require I pursue commercial portfolio loan and would require an LLC which is a different taxpaying entity than how the property title is currently held. However I remember reading somewhere that if it is a single member LLC (pass thru entity) it is treated the same by the IRS and 1031 rules would be ok. Since I remember filing a schedule C previously for one I ran as single member LLC with my wife it would tend to agree with this. Is this a kosher way to perform the exchange?

2. Even if this was ok per 1031 rules, the identification rules make this hard since I can only identify up to 2x value or $860K and have to buy 95% of that total value?  Is this correct?

3. What happens when the properties I have identified go over the 2x limit?

4.  What is a better approach to this transaction?  I have 4 loan slots filled (including this one property).

Looking forward to your insights!