1031 Exchange next year--help!
My wife and I own a townhome in Culver City, CA that is appreciating very well but not cashflowing. My renters' lease is up next summer and I'd like to do a 1031 exchange into a multi-family property. Right now, our loan balance is $435k and the townhome next to us just sold for $640k. So I'd need to find a property worth more than ours appraises for and carry a mortgage of greater than our remaining loan balance.
Does anyone have any advice for markets to look at and professional help to seek? Are there any steps I should be taking now, or when should I start?