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Updated almost 2 years ago,
1031 to Multi-Family Primary? LLC w/ mortgage?
I have a house I may want to sell/1031 exchange (currently a SFH ~$400k value which is all paid off). I am looking to buy a small multi-family (3-4units) as a primary residence in 1 unit, rentals in the others (likely ~$1M cost).
I also want to set up an LLC while doing this as I'd like my personal assets (now fairly large) to be protected from any potential future issues from the new property. This is in a major city, high COL area. These are 2 separate things I am considering so both do not have to happen on the same deal if it can't work that way, but this would be my ideal since I'm looking to sell the 1SFH soon anyways and this way I wouldn't need to tap any of my reserves for the new MF down payment.
1) Can I use a 1031 to put towards the multi-unit while still using a 30yr mortgage as primary residence? I will live in ~30-35%of the property, other 2-3units will be rentals.
2) Can I set up an LLC (first timer) and still use a 30yr primary residence mortgage?
If I can't do either/both, any alternate suggestions?