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question on 1031 and rehab
I'm about to buy a fire damaged property - I know, I know, but it's attached to an assemblage that I already own - so, I'm going to put one of my other properties on the market to sell.
So, let's say the timeline fits and I could sell that house in a 1031 exchange, can I then use those proceeds to buy and renovate that property? Or is 1031 only for the actual purchase? And if I can use it for rehab, what timeline do I need to look at for the rehab?