Hello @Sam Liu,We've completed over eighty 1031 exchanges and know well the scramble that can occur during the 45-day identification period.

For example, if a seller knows we are in a 1031 and says "no concessions/repaur requests, take it or leave it"  after our 45 day identification period is over we are screwed with a bad deal.

@Jennifer TaylorYou can create a new LLC, a new IRS Employer Identification Number and open a new bank account just for the cottage.

I've successfully completed my 1031 with Rent to Retirement, and I must say that from the initial sale, to property identification, to closing on the new rentals it was pretty much a cake walk. 

Quick side note, their last months rent is not currently in escrow due to the tenant not being able to provide identification.

An LLC and IRS Employer Identification Number can be used to open a business bank account. 

To file Form 1041, you would need to obtain an Employer Identification Number (EIN) for the estate.IRS Reference:•Final Form 1040: Report income up to the date of death (per IRS Publication 559).

Just make sure to bring all the necessary documentation, like your LLC formation documents, EIN, and personal identification.

After that’s opened, then you can usually open the accounts for the Cells using a combination of the Series LLC’s incorporation number and the individual Cell’s Federal Tax Identification Number.

You need to contact the IRS to ask for a Federal Employer Identification Number or FEIN.