1031 rental to a 2 unit property and live in one?
Can someone educate me on the guidelines and help me determine if this option is possible? I'm looking to understand what the determining factors are to decide if it fits a 1031.
I'm selling a rental condo to 1031 exchange. I've found a property with a main house and a rental cottage on the same property. I'd like to move into the main house as my primary residence and use the cottage as my rental. The cottage is currently rented.
Is it possible to make this work?