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Updated almost 3 years ago,
1031 to New Property and assume Existing Fannie Mae Loan TIC/LLC
Hello BP Community,
I am selling my fourplex, which is owned 100% by me in my personal name. The property I am buying (with a partner) is a 20 unit apartment in a low-cost state and has a commercial Fannie Mae loan that I want to assume. For 1031 purposes, do my partner and I need to buy as a TIC? Will Fannie Mae allow a TIC to be the borrower? The current borrower is an LLC.
Thank you!
Long time lurker