Planning Ahead for a 1031
Thanks in advance for any feedback. Here is the scenario looking ahead a year from now. I'm in the process of buying a condo. Between my down payment and discount I am receiving from my father in law I will have about $70,000 in equity. I have a couple of questions about how a 1031 exchange would work. I am a little nervous about selling the condo and then looking for another piece of property to do the exchange with because I live in a rural area and there are not an abundance of properties to pick from. So my questions are:
1. Can I identify another piece of property and put it under contract/give earnest money, then sell my condo and have the proceeds used to complete the purchase of the new property or is this disqualifying?
2. A year from now I would like to partner with my sister on a small apartment complex. Can I do an exchange into a situation where I would have a partner?
3. What is a good resource to read to educate myself in 1031 exchanges?
Thanks