In this scenario, each member doesn’t actually own real estate, they own a business (that owns real estate).If that is the case you have two options: 1) The LLC performs the 1031 exchange and continues to achieve the goals of the managers through changes or details added to the operating agreement and subsequently consider dissolving the LLC. 2) You dissolve the LLC and reform as Tenants in Common *prior* to the sale of the property.

@John Mezzoni - welcome to BiggerPockets and Real Estate investing.  

I'm Gustavo from Oviedo, FL, and I'm excited to dive into the world of real estate investing!

Heck the Maricopa County assessor website has inaccurate building sketches for some of my properties so I can't even trust that!

The real estate agent actually told us that he was terminally ill - which we (my wife and me) later found out was not true.

Let me be more clear, who will the lender trust with their money?

You REALLY need to keep close tabs on a flip until you are to the point you aren't so green and you know you have trusted vendors and such.  

If it is seller financed, you have no real estate agent fiduciary protection, so it is up to you to protect yourself.After all that, then, yes, work with an attorney on how you hope to close, LLC, trust, or in your name. 

He is in Corporate Realty and wanted do some residential real estate.

@Tanganika DardenThere are “finder” companies locating all kinds of unclaimed funds in government trust accounts.