Purchasing a property I am renting with a 1031 exchange?

[Warren Wright]

1. I want to rent a house (that will be a rental) with acreage with an option to purchase. 2. I plan to then sell 2 pieces of investment real estate. 3. Then purchase the house and acreage with a 1031 exchange. I want to rent the property so that it will be available when my other properties are sold which will take some time. Will this arrangement meet 1031 requirements? Thanks  

[Bill B.]

Talk to @Dave Foster he’s a pro at the weird exchanges. The first big flag would be you need to not have any ownership rights. You can’t exchange in to something you own. Second as mentioned you probably would have to move out the day before and find a new tenant right away to avoid the appearance of buying a primary home.