Looking to sell duplex to have more liquidity to purchase 4 plex

[Orkeem Davis]

I have owned my duplex for 2 months in Ventnor, NJ and I have since renovated the 2nd floor apt one and I have refinished hardwood floors throughout.  Presently, the duplex is bringing in $2100 monthly for both units.  1st floor apt 2 bd 1 bath - $1200 and 2nd floor apt 1 bd 1 bath - $900.  I am in the process of getting  a new roof.  With all of the upgrades, I guess this would be considered a partial fix and flip.  I am hoping to sell for around 155k.  I have an outstanding balance of approx. 75k.  Will I have to pay capital gains if I sell now?  Or is there a way to sell the property, CashOut, and use those funds as a part of my 20% down payment for a bigger property, i.e. 4 Plex? 

[Bram Spiero]

That, my friend is called a 1031 exchange. Talk to your accountant. If he doesn't know what it is, get one that does.

Good luck,