First 1031 and advice on options
This is my first post on BiggerPockets and looking for any and all advice! We are selling a rental property in Northern California and want to 1031 into....? We have not lived there in 5 years so I do not want to pay capital gains now. It is comfortable to just sit on this property and be basically cash neutral but enjoy the property appreciation. I have to admit I'm nervous to make this jump. The primary motivation to sell now is the constantly anti-landlord policies in Alameda county and fear of getting stuck with tenants who do not pay and who we cannot evict. Also, good amount of equity that should be working for us instead of being locked in this single property. This was our first house which is how it came to be an investment property.
Deal:
House purchase in 2008 for 650K with 20% down
Sale would be right around 1.1M with 600-650K equity
My thoughts: Could buy all outside CA but no experience and cashflow would require multiple purchases to make it worthwhile for us. Could buy a vacation/short term property and also purchase less expensive properties outside CA. Could just buy two condos in our area with less risk but less upside potential. I would love your take BiggerPockets community!