Thanky you so clarifying on my part. Single member has sold the first property under the LLC name, then bought the next property for considerbly more and closing has happenned last Thursday. All within the time frames and intermediaries.
Now the single members Cousin wants to be a part and buy in to the existing LLC and it would become a partnership. Just don't want to vboid the 1031.
Scenario 2 - Completly different 1031 on another property. Apartment buiklding buit in a llc partnership. Offer that could not be refused and the 1031 occurred with again the price of land being a lot more than the relinquised property. Brother of one of the partners than wanted in on the land and imminent apartment building being built on the land. Attorney wanted the 1031 voided because the brother wanted to buy in to the new development. They proceeded to form another llc tranfer the property and said
the 1031 was voided. Can it be amended and the brother buy in as a limited partneron the original llc that performed the 1031? And then the 1031 not be voided?
