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Updated 3 months ago on . Most recent reply presented by

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Lambertus Louw
  • Rental Property Investor
  • Ware, MA
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1031 exchange question and recommendations for Qualified Intermediaries

Lambertus Louw
  • Rental Property Investor
  • Ware, MA
Posted

I have a 4-family rental and a single family home (that we live in) with an in-law suite that we rent out in Massachusetts. Looking to sell up and move South. I shouldn't have profits hight enough on my single family home to worry about capital gains (less than $500k for a married couple, right), but the rental is obviously an issue. 

Plus there's complications. We have to move out of our single-family house before I can reasonably expect to clean it up and sell it, my wife breeds cats and dogs and that doesn't make for a great environment for selling. So I was hoping to sell my 4 family rental first, and buy a house with a rentable in-law suite/separate apartment in it's place using a 1031 exchange (and then later, sell my single family and put that money to further investment)

I understand vaguely that I would need to find a "like kind" property within 45 days. How "like kind" does it have to be? Can I buy a single-family home with an in-law suite as a replacement? Would it be a deal breaker if I lived in the house and only rented out the in-law suite?

Finally, the topic of my post. Can anyone refer me to a Qualified Intermediary they have worked with before and would recommend?

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Caleb Brown
  • Real Estate Agent
  • Kansas City
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Caleb Brown
  • Real Estate Agent
  • Kansas City
Replied

@Dave Foster Is a good resource for 1031 

  • Caleb Brown

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