Reverse 1031 Exchange - Possible?

[Edward Burke]

I have three properties currently in escrow, and just listed a property for sale.  Here are the facts:

• Properties in Escrow (all in St. Louis)
  • 4 family - $349K (Closes March 22nd)
  • 4 family - $310K (Closes March 29th)
  • 4 family - $290K (Closes April 22nd)
• I have a property for sale in San Diego (listing tomorrow).
  • SFR - $650K

I can close on the existing three, and was then planning to perform a standard 1031 exchange and purchase more properties.  However, has anyone done a reverse 1031 exchange?  This appeals to me as I know I want these properties, and I won't be under the gun to find other properties within 45 days.  I can purchase additional properties at my leisure, or not at all.  I know that this process can be complex, so I would love any opinions on the matter.  For one, did I give myself enough time to even accomplish this?  See the link below on reverse 1031 exchanges....

http://www.atlas1031.com/exchange-types/reverse-10...

[Dave Foster]

@Edward Burke, Your pushing time to get the reverse set up but it's certainly still doable at this point.  You don't want to wait too much longer.  

In a reverse exchange the QI sets up an entity that will take title to those three properties using a single purpose LLC called the Exchange Accommodating Title Holder. The EAT takes title and holds while your other property sells. The maximum time for a reverse under the safe Harbor of Rev Proc 2000-37 is 180 days. Your old property must sell during that time.

Financing can be sticky but is usually solvable.  It's all about the time to make it happen.