1031 Exchange - 45 Day Rule

[Shaun Palmer]

BP'ers I have a very basic question on the 1031 rule as I have never completed this type of transaction. To set the stage, I am currently growing my rental portfolio with the goal of getting 3 additional properties by the end of 2018. This is a stretch goal of 1 property for me and I have an opportunity to use the 1031 to get the extra property as I see it. Currently I have a rental that has appreciated 25% in the past year. I am thinking of selling this property in the beginning of the year and to avoid capital gains, I want to 1031. Very basic, nothing fancy. Now my question is that I would need to identify 2 properties within the 45 days. I don't think this should be a problem but I don't understand if I have to close on both properties at the same time or can I identify them at different times (still within 45 days) and close at different times? Sorry if this seems basic but I am new to this type of transaction and want to prepare as best I can so I can make the right decision Thanks Shaun