Modify ownership of commercial property from personal name to LLC

[Meena R.]

Hi, I bought my first commercial NNN property in South Carolina in 2023. My husband and I own purchased with 2 friends. The 2 friends did not want to create an LLC with all 3 partners prior to purchasing because they wanted to use proceeds from a 1031 exchange. We agreed to create an LLC for all 3 partners after property was purchased. Ownership structure is my husband and I own under our personal names and the 2 friends own under an LLC. The deed, loan docs, registration all included my name, husbands name, and LLC.

I realize now this was a huge mistake to not purchase under an LLC. The friends are unwilling to create and an LLC. What are my options now? Could I create an LLC with my husband and I? What would I need to update / re-file?