Newsflash: REIT with less than 100 shareholders?

My family has about 30 rental units right now, about 3 million in equity. Parents are getting older and don’t live in a landlord friendly state, so we’re thinking of liquidating and restarting operations in a more tax/law friendly state. We’re trying to move them from an active management to passive income. I understand the mechanism to 1031 from real property to REIT, but was wondering if it’s possible to create a REiT of our own without the required 100 shareholders, is there a workaround? Thanks



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