I've been unofficially advised this is not OK, but thought I'd ask.
I have just sold my rental property that's all set up for a 1031 exchange (45 days starts today). I also have my primary residence that I've considered renting out when we move. Is it possible to invest the exchange proceeds into the property that I already own (refinance and add equity) while converting it to an investment property?
Thanks for any advice!
It can’t be used involving a primary residence .
@Jody Des Roches , the 1031 exchange is a sale of investment property followed by a purchase of new investment property. You cannot exchange into a property you already own.
Thank you both for the confirmation. I'll continue the seach for a new investment.