Couple of 1031 questions
Hi all,
I have a couple of questions on 1031 exchanges, both may be stupid, but this is what happens when I sit and daydream about real estate transactions:
1. Is there a way for a person to get a loan to buy, in my case, a six-plex and the seller who is selling the six-plex to sell the building and acquire the note using the 1031 to avoid paying tax on the sale and then essentially finance my purchase/ hold the note of the building? Does a building to note transaction qualify for a 1031?
2. Would a four, tri, or du-plex sale and 6-plex purchase qualify for a 1031. Or does it have to be a tri for tri or 6 for 6 type transaction? I'm guessing it would be ok to have a different number of units but I want confirmation.
Thanks!