I have a property that I've owned for a few years that I'm looking to 1031 exchange to something closer, and possibly better overall. meanwhile, I have just purchased a duplex which I originally planned to BRRRR. the lease on the older property is up in 6 months and the Tennant has decided to move on so it's really the best time to get out as I don't want to displace anyone right now. it's worth noting that this property is currently owned under an LLC I created, 100% owned by me.
I purchased the new property with a different LLC which I'm a 50% owner with a partner. renovations should take 4-5 months, and so here comes my question for someone who has experience with 1031 exchanges.
I'd like to finish the renovations, by then the value will be more than the old property, and finally sell this property to myself using the 1031 exchange.
it seems so simple in my head but explaining it is hard.
please let me know what you think. feel free to ask questions if you are unclear on what I'm asking.