Wondering if it is legal for tax/capital gains to do the following:Sell a current rental property in my portfolio (1031 exchange the profit), structure an LLC to purchase my current primary residence from myself (would be selling my primary home to a business that I now own) utilizing the 1031 exchanged money for the large down-payment; therefor I would be able to pull out capital gains tax free under the IRS primary residence guidelines (250K single 500K married).I understand that I would no longer have a primary residence but I will be purchasing a new primary residence and renting out the property newly owned by the LLC within a few months after the sale.Thanks in advance for any information!

I am also a newly licensed real estate agent and am looking forward to building great networks here and sharing experiences with everyone at bigger pockets! 

That's actually really easy -- go to investment clubs, find them here on BP, go to foreclosure auctions, and call all the rehabber you can find on Craigslist (they always have "newly remodeled" or "newly renovated" properties for sale.

We are launching our LLC in January with the hopes of becoming full time investors.

Let me get this straight, you spent the last 3 years of blood, sweat & tears remodeling and now have a nice, newly remodeled house in a nice neighborhood with good schools, and presumably a nice equity position and could cashflow it as a rental, and now you want to sell?

The property was also cited because the septic tank & leech fields were now too small (as per newly introduced codes) & the new sand filter system needed to meet 'code' was at a very high cost.

What the New Equity Crowdfunding Rules Mean for EntrepreneursTo the experts following and reporting on the newly passed Title III provision of the JOBS act, how do you see this playing out in helping unaccredited investors who wish to participate in real estate crowdfunding projects when it finally becomes reality in 180 days? 

I have a day job, and bought my first rental property last year under a newly formed LLC. bought the property cash, my plan was to get a cash out refinance 1st mortgage on the property and thus have enough cash to get another one.

If the city doesn't have $18k discretionary to buy out the bank, I would guess they would be willing to settle the code enforcement for waaaayyyy less - it's found money for them.Maybe you make it clear to the city that it's a legal headache to take the property and there just won't be a parking lot, negotiate the code compliance down to $25k or something, and invite the local TV crew out to show them what the city was able to help you do with the newly rehabbed property.Lots of missing details ...

I have yet to do my first, but I'm close to tje "launching pad."