1031-BRRRR-Marital and job Status Change

[Megan Cooper]

Hi BP,

I need help to make sure I don't make a costly mistake and my sure that my first deal goes smoothly. Here's the scenario: when I was single I purchased purchased a house and in CA. I have since gotten married but did not put my husband on the title of that house. Note: I didn't not put him on the title for any reason, I just didn't do it though we talked about it. We decided to sell the property and have put the proceeds in a 1031 exchange. I have found another property in CT, where we live, to make an all cash offer on. The exchange is in my name only. I decided to resign from my day job in July so I don't have any income right now (in my mind REI is my job) but my husband is W-2 employed. I want to put the new property into an LLC before tenants move in to reduce our family's risk exposure. Would I be the sole owner of the LLC with this 1031 exchange structure? Once the renters are in, I'd like to keep the BRRRR train rolling, Will I be able to use my husband's income in addition to the rental income to complete the re-if?
 

Thank you in advance for your advice!