1031 Exchange Intent
I recently purchased a single family with the intent of fixing it up and renting it. As I finished the rehab, I received an attractive offer from a friend who wanted to buy the property. I agreed to sell it and will be closing soon. My question is am I allowed to do a 1031 Exchange since my intent was to buy and hold the property? I never listed the property for sale. It was luck that I got a great offer. I have five rental units and have never flipped a house before.