1031 for installment contract?
I am preparing a contract to sell a property right now and we are carrying the note. The buyer will more than likely do the owner financing for a couple of years then either pay off or finance into a traditional loan. My question is - can I still use that lump sum payment at that point down the line to do a 1031 exchange or does it have to be at the time of the purchase transaction? Secondary question to that - this is a commercial property but I mostly buy residential - if I was able to do the exchange could I buy a residential property since it's still going to be "investment" property or would it have to be another commercial property to satisfy the like kind requirement?