How long can I live in my rental and still do a 1031 exchange?
My single-family rental is vacant for the first time in 16 years. I'm refreshing it with paint, floor, and more, and then I want to do a 1031 exchange in 2022. But at the same time, I'm selling my primary residence and buying another in the same area. Problem is, it is difficult to buy a new home in my area, having to compete with multiple over-asking-price offers within 24 hours of the listing. I was thinking that if I sell my primary and can't get into a new home right away, I could just live in my rental until I'm able to purchase a new primary. QUESTION: How long can I live in it (if at all), and still be able to do a 1031 with it? At what point does it lose its character as an investment property, eligible for a 1031? It won't be rented in 2022 at all before it's sold. Thanks!