1031 Exchange/LLC/Quit Claim Deed

[Peter Padalino]

I own a nicely appreciated SFR in AZ and am planning on selling once my current tenant's lease expires. My thoughts are to 1031 the gains into a replacement property. Here's the issue - the soon to be relinquished property is one of our first rentals and was purchased and is still titled in our personal names. For the replacement property, we'll need a loan and would like to use a non-bank lender, but most, if not all, require the new purchase to be in done in an entity. So it seems like getting the original property into an LLC asap, via a quit claim might be the best option - so that we can properly do the 1031 (like to like title).

Anyone have any thoughts?

Thanks!