Replacement question
I have a question in regards to the replacement property and carrying over a mortgage.
I believe that the rule is that you need to carry. over at least the the same debt service from the relinquished property. In my case the prior debt service is minimal, about 28k. I would simply like to use both cash from the relinquished property and my own cash. Is the doable? Would this still be within the guidelines of the exchange?
Thanks,
Erick