Presuming all of the above are properly accomplished, the investors' interests will have been converted from those of partners to those of tenants in common
with each investor owning a direct interest in real property which has the potential to be exchanged for another real property interest under [section]1031.
However, they cannot exercise any rights that would be disadvantageous to the other tenants in common
The bridge financing served to fund the acquisition and allow the porrower to acquire the property under the necessary structure of 15 tenants in common
. A structure that contains more than 5 tenants in common
is not permitted under Fannie Mae's guidelines.
Valuation discounts may be available for decedents who own real property as tenants in common
or as community property.
Oak Lake was offered as a securitized TIC deal with a total of 13 tenants in common
, contributing equity of $5.3 million.