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1031 exchange question and recommendations for Qualified Intermediaries
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?


