1031 Transfer question.
This is a question for experts like @Dave Foster, I have someone interested in trading a property I have for another property straight across. Mine is a nicer property but much smaller. I suspect the difference in value would be as much as $40K, in my favor, but if fixed up it's value would climb rapidly. I believe I can do a straight trade and not trigger any taxable event, but then do I need to hold the property I just got, for another 1 year period before I can sell it and do a 1031 for cash?