The plan was to buy a warehouse, lay down turf and hard courts and lease the space to local schools and leagues and host tournaments.

Yeah this is exactly the plan!

Hello all, I am new to the community as well as being the lead in real estate investments.My sister and I currently hold 3 properties next to each other in Riverside County, California (we'd like to get them in an LLC...

Just in case.Ultimately whatever correlates with your future plans but a solid way to build long term wealth.

@Christina Galdieri  A 1031 exchange is specifically designed for real property held for productive use in a trade or business or for investment.

A 1031 exchange does not apply to primary residences.If you plan to use the proceeds to buy land for a business, consider whether the land qualifies as an Opportunity Zone investment.

And if this is the plan, it couldn't be announced at onset.

@Anita Z.I recommend finding an accountant who specializes in real estate taxation, tax planning and financial planning.

You could also get a line of credit for about $150k (you should be able to borrow 75% of the value.)The reason I suggest this is…1) you save $40-$60k in selling costs. 2) you have a lower blended interest rate (2/3rds at 3.25% and 1/3rd at 7 or 8% instead of the whole $500k at 7 or 8%) saving you another $1k/mo in interest. 3) you only pay interest on that $150k when you actually use it, not from day 1  Unless you hate this property, or want to buy something you can’t afford without selling, that would be my plan.

If youre saying condos are trading at $220 a square foot....Id be planning on a value of $110 per square foot on a co-op.