1031 exchange, on the fence
I would like to hear from the experts on this one; here is my story. In January of this year I closed on a house with a buy and hold strategy. I did an HML and then into a conventional loan, I rented the house and am now in the process of evicting the current tenant. During the process I realized that I may have purchased a house that is above the current market demand and I will not get the type of tenants I want for the rent that I need; chalk that up to experience. Anyway, so in my current situation of only having the house for six months but with obvious intent to hold on to it initially should I consider moving forward with a 1031 exchange; would I qualify?