1031 Help
I have sold an investment property and moved the proceeds to a holder for 1031 purposes. I have identified the replacement property and hope someone can provide some information regarding the logistics of the purchase.
The replacement property is valued at $120K. I am buying 50% of this investment. There is an existing land contract that has favorable rates. We would prefer to keep the land contract as long as possible. I need $25K to get into the deal. $60K to cash to be fully vested.
Is there a way to write up the purchase agreement so we do not have to go thru a formal closing? Can we make it so I only take out the $25K and keep the existing financing in place?
Not sure if this makes sense, thanks in advance for any advice.
Dan
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