1031 Exchange and Seller Financing
Hi BP!
I own a vacation rental property that I'm looking to sell to free up cash. I have an opportunity to buy another, more expensive property and the current owner of the property we'd like to purchase is offering seller financing.
My question: Could we use a 1031 exchange and buy the new property using seller financing? Are there any legal or tax implications we should be aware of?
Really appreciate your advice!
-Andy