1031 Exchange to primary residence
Hello everyone
I have an opportunity that I am trying to take advantage of and want to know if I can also take advantage of the 1031 exchange. I have a property that I am close to finishing. Our intent for the property was to be a long term buy and hold. I have found an off market deal that I would like to buy. The plan with the new house would be for my family to move into the home, rent our current home, and also rent the basement of the new home. The two options we have to keep the ball moving would be to pull money out of the property that I am currently working on once it is finished or if it is possible to sell the property and then 1031 exchange it for the new property (which would still be an investment property pulling in month rent). I know there are different stipulations on changing an investment property into a primary residence but I wasn't sure if that would change if part of the home was bringing in a monthly rent. Any advice or ideas would be greatly appreciated. Thanks