Philly: buying cash deals /flips with 1031 exchange?
I have primarily been involved in mostly cash transactions, as well as a good amount of hard money closings.
Can you sell your rehabbed property to buy more distressed property using 1031?
I have recently been in a wormhole of using a 1031 for investing purposes, spoken with a lawyer, title agent, accountant, and a broker. The answer I have seemed to found is yes and no, it seems to be a complicated process that potentially save an investor a great amount of money.
Concepts I think I understand are :
If the transactions are not of equal value you, you pay capital gains on unused profit.
45 days to identify deal of equal value / 180 days to purchase them.
Also can you just keep rolling over a 1031 exchange over and again?
Has any investor in Philly had success or knowledge using this as an investment strategy, that could share any info?
Thanks!
Joe