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owner occupied Motel 1031 xchange
Hi, I am assisting my father to retire and sell his property. Currently he owns a motel, and will have a big capital gains on the sell of it. He would like to do a 1031xchange into another property- does it need to be another motel/ hotel, or can he invest it into investment condos/ townhomes, apartment building or even a real estate investment fund? He wants to retire and not be busy running anything... Need ideas from this wonderful community! thanks
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- Qualified Intermediary for 1031 Exchanges
- St. Petersburg, FL
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@Neesa Patel, The rules of 1031 will allow him to sell that investment property and buy any other type of investment real estate. The number of replacements does not natter either. And as long as he purchases in total at least as much as his net sale he'll defer all tax.There are lots of opportunities to decrease his management headaches including NNN commercial properties, DSTs, managed multi family, or resort or company managed vacation rentals.
- Dave Foster
