1031 Exchange - Mixed use property
Hello 1031 pros!
I am preparing to move primary residences and at the same time, sell a rental property that's been in business use for about 10 years. I am seeking to 1031 out of the rental and into a 'mixed use' property consisting of a main house that we live in and then a guest house that I would either rent out for 1-2 years or use as a business office for an established business that I've operated for 5-6 years and paid taxes on, etc, etc. As I understand it, provided the 1031 is constructed such that the value of the guest house is allocated properly (i.e. 33% value assigned to guest house, balance to primary rez) then it would likely pass 1031 muster.
Has anyone here been party to an exchange like this that dances in these grey areas? Please chime in with advice or experience...as well as potentially a QI in So California area who knows what's what.
Thanks very much!
Nick M.