Residential into rental to 1031?
I searched all of the questions on the forum and couldn’t come up with an answer to this one...
My husband and I own a house as our residence but are building another house and are going to turn the current one into a rental.
Curious how long we have to hold it as a rental before we can use it in a 1031 exchange. We have about $50k equity, which we would rather invest in something that cash flows better.
I have also done numerous google searches trying to find this answer and I just can’t seem to find the answer. Any help would be greatly appreciated!!