Selling a FREE & CLEAR Investment property for $500KNow if you as the seller are doing a 1031 Exchange and SELL this property and have those funds held by a QI - Qualified Intermediary and now wish to purchase a REPLACEMENT Property $1,000,000 where you put down $500K in funds held by the QI towards the purchase the the Property and the Seller SELLING to you provides owner financing for the $500K balance due them- THEY can then elect to SELL their 1st lien Mortgage and Note if they desire to have additional cash.

. - I actually personally completed a 1031 exchange here in Chicago and used Midland IRA as my intermediary. 

And 90% of our loans come to us through mortgage brokers/ intermediaries. 

An Affiliate of an entity is a person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control of such entity. 2.02 Capital Contribution(s).

This will be my first 1031 and I would like to find a recognized Qualified Intermediary to bounce questions off of and handle this deal.

Are you saying the you are able to assume a $110k loan and then get a check from the qualified intermediary for $110k with no tax implications?

I would ask a licensed 1031 intermediary but its worth the question. 

I have also owned Short Term Rentals since 2005.A managing general agent (MGA) or a managing general underwriter (MGU) is a specialized type of insurance agent or broker that has been granted underwriting authority by an insurer, and can administer programs and negotiate contracts for an insurer.An MGA’s functions can include:binding coverageunderwriting and pricingsettling claimsappointing retail agents in a certain regionAt its core, the MGA manages all or part of the insurance business of an insurer and acts as an insurance agent or broker for the insurer, while working as the intermediary between carriers and agents, and/or insureds.The MGA is not an insurer. 

In my mind there are 4 general categories of participants in real estate investing 1- ADVISORS - Attorneys, accountants, title company employees, contractors, appraisers, etc - usually compensated fixed fee or per hour 2 - INTERMEDIARIES - Real Estate brokers, mortgage and loan brokers, “wholesalers”, - usually compensated percentage commission3 - MONEY MANAGERS - Real estate investment fund managers, mortgage fund managers, REITs, managers with discretion as to investment purchases, trust fund managers, etc

One of our specialties is 1031 exchange, I partner with IPX1031 as our qualified intermediary.