Multiple Reverse 1031 Questions
I understand I can use a reverse 1031 to buy a property first and then exchange it for my relinquished property. However, I have a few questions:
1) What the issues regarding buying multiple properties, in a different state, from that of the single relinquished property?
2) I will not be able to self finance all the replacement properties, so how do lenders (any type) work with type of situation and under what terms?
3) I assume that the funds I initially used to buy the replacement properties, are returned to me upon selling relinquished property.
4) What is cost of doing reverse 1031?
5) Relinquished property is in CA with value of 600K. Loan balance = 275k
Thanks in advance for your advice and comments.
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