First 1031 exchange
I am a passive investor in a apartment deal in Texas and we are in the processes of selling it for a nice profit. I'd like to roll the money from that deal into my own apartment deal using a 1031 exchange however I have some concerns and wanted some feedback.
First Question, this will be my first multifamily deal (I've done residential and passive multifamily) that I will be running. I'm worried that the constraints of a 1031 exchange will complicate things for a "new" investor. For example being limited to a list of 3 properties may bias me towards taking a bad deal that i should avoid. Is that a valid concern?
Second Question: what happens if the 1031 exchange falls apart? for example what if I can't find a deal in the window of time allowed? Are there any fees?
Third Question: Can anyone recommend an agent they have used?
thanks in advance!
Johnathan