Self Storage with 1031?

[Wes Eaves]

Hello all. I've been investing in SFR rentals for the past 8 years and looking at other options. In order to take the leap and commit to taking action, I decided to sell one of my SFR in order to 1031 exchange it into a Self Storage facility.

I have a business partner that has done a number of commercial transactions and investing.  

One of the things we've noticed is that calling on Commercial Brokers hasn't been that fruitful as 75% of the properties that are showing available aren't anymore.

With this being our first self storage facility purchase, I wanted to see what kind of feedback I could get on making this a reality.

Thanks in advance.

[Ki Lee]

This does sound familiar to my situation. @Wes Eaves What I did was 1031 our of my triplex into MF apartments with a partner. Here's how we structured it. I had my sole member LLC, and my partner also has his sole member LLC. We took title to the property as TIC, not JV. Then we created a third entity that is a management company(again, not JV). The management company gets a check from the property manager and distributes funds among the partners and handles paying mortgage, taxes, and other bills