My potential first 1031 exchange
Hi All,
I have an rental property in Houston, TX that I would like to 1031 exchange into a duplex in California. Only caveat is that I would like to live in one unit of the duplex and rent the other one. My question is, would it be possible to utilize the benefits of the 1031 if I am living in one unit of the duplex? The other unit would still be a rental but would the IRS consider this a like-for-like property exchange? Any advice would be greatly appreciated!