Grouping 1031 Properties Together
Posting a question for a friend who's not on BP. I was interested in hearing the answer, so I figured I ask what you all think:
In 2004 he sold a rental in CA to buy 3 rentals for cash in Idaho via 1031. If he now want to buy 3 rentals in AZ w/ leverage via 1031 could he do each transaction separately? Would he have 45 days to identify and 180 days to close for each Idaho property? Or, because it started with one rental in CA, does he have to keep the three Idaho properties lumped together to sell all at once? Thus having to identify 3 properties in AZ at the same time.
Thanks for your advice