1031 guidance for an unsual situation
Hi Guys,
First post on here!
I sold a warehouse that I owned since 2011 this January and did an exchange carrying over $1m into another commercial property purchase price $1.5m.
Im currently submitting plans to the city turning that commercial space into a 4 unit property. 1 commercial and 3 residential. Each unit will have a separate address.
My question is: Am I able to sell any of these condos without triggering my exchange or would I need to sell the 4 units together? My worst case scenario is that I rent out the 4 units.
Thanks in advance.
Chris