1031 Exchange Question - Single Family Home
Greetings Bigger Pockets friends...
I purchased my Los Angeles single family home in 2012 as an investment as the market was at a low and figured it was now or never to jump into the market. I have been living in the home since I purchase it as my sole residence. The home has appreciated quite a bit and I I am now thinking about selling it.
I was hoping to maybe put the money in a 1031 Exchange so that I can buy a triplex or quad. But I am reading that I cannot do that with a home I have been living in.
Is there anyway around this? Do I have to make it a rental property for a year or something first to be able to do this?
Any advice is greatly appreciated.
Thank you.
STEPHEN