We have an opportunity to buy out our father's shares of the commercial property LLC.Is it allowed to do a 1031 exchange from one LLC purchasing part ownership in another LLC? 

We would love more passive housing like a multi or part ownership but seems everyone is looking for those type of investments.

It's also common to encounter retail branch employees who are  not familiar with  the entities and various ownership structures real estate investors utilize since they are normally opening personal bank accounts.

So I would not recommend that she go out of her way now to change the ownership from what it is.She can use the 1031 exchange to move from any type of investment real estate to any other type of investment real estate anywhere in the country. 

When I mentioned you "Sell" the land they need to own it to use the lands equity.In the LLC or partnership agreement you can assign an ownership percentage based on the value of the land.

If that property is till under the LLC you will need to purchase under the LLC.If you have taken ownership of the sale proceeds your next homework assignment is to look into Qualified Opportunity Zones and Qualified Opportunity Funds (QOZ, QOF), note the same accredited investor status still applies. 

They are well off but are in a bind due to trying to sell their old house. they want to rent for a year and then purchase the house. what would be the best way to transfer ownership after the year?

I wanted to share some interesting data from a recent article in the Residential Resource, the monthly newsletter of the National Association of Residential Property Managers, Pros and Cons of Allowing Pets in Rental ...

Perhaps you can change the ownership of that LLC to your revocable trust, but I'm not clear on why you would want to do this.

Wholesaling is when you assign a contract and never take ownership, or if you double close the end buyers funds are still what purchase the property for that brief moment when you close on it and then they close on it.