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Updated about 4 years ago,
1031 Exchange - Sell as Individual, buy as LLC - PA/NJ
So I am attempting to do a 1031 exchange and everything looks lined up except for one aspect I'm not sure about. I am selling a single unit investment property in Pennsylvania and buying a 3 unit multi family property in New jersey. The buying and selling will occur within 45 days.
Problem is, the lender I am using wants me to use my LLC for the purchase otherwise I wont get funding approved. It is a single member LLC I have had setup for a few years I am the only member and it is for another ecommerce operation I have. Does 1031 exchange allow for this scenario to sell as individual and buy as my LLC such as this ? Separately do you think I will need to involve and attorney or any other specialist outside my realtor and lender for this to go smoothly? It is my first time attempting 1031 exchange so want to be sure I execute properly. Thanks