1031: Outbid on 3 properties
My 45th day is coming up. What happens if I can't close on any of the 3 identified properties ?
With a hot real estate market and multiple offers on properties, can I change properties if I'm outbid on initial 3 properties?
From what I have read, If I don't close of any of the 3, it would be a failed exchange and I would get taxed on the money sitting with the 1031 company, is this true?
Any advise would be greatly appreciated.