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Updated over 4 years ago,
Opportunity Zone Question
I saw a property come up for sale in an opportunity zone that I would consider living in.
It has an apartment that is rented out in the back and an attic that is plumbed for an apartment addition, so there is an income producing aspect to it even if I purchased it as a primary residence.
My question is can I purchase the property with a partnership LLC (which already exists and owns property) and then rent the main house from the LLC for myself to live in?
To raise purchase funds, I'd like to either sell a property that is already owned by the LLC (1031 exchange) or stock to reinvest the capital gains to take advantage of the O Zone.