1031 Exchange Mobile Home to SFR
Hello everyone!
I currently live in the SF Bay Area, and we bought a manufactured home in a mobile home community here in Sunnyvale, CA. To be clear, we own the home but rent the land. Mobile homes in any other part of the country typically depreciate, but due to the anomaly of the Bay Area real estate, our mobile home has appreciated. In fact, the real estate agent we bought the home from stated we could now list our home for $50k over what we bought it for.
I was wondering - are we able to do a 1031 exchange for mobile homes? I'm hoping to sell this mobile home and purchase an investment single family home. I'm really hoping to be able to defer the taxes on our capital gain when we end up selling it.
If you have any insight, I'd greatly appreciate it. We're looking to possibly use this as our first step into our real estate investing journey. Hope to hear back from everyone.
Thank you!