1031 exchange questions

[Tim Jernberg]

I've never done a 1031 exchange before and have a couple basic questions. FYI I am closing on a property soon (I have a LLC) that I may try to immediately resell.

1. Do you need to have held the property for a certain length of time before selling and doing a 1031 exchange? This property will be purchased through a LLC but if it is immediately resold it will not have a history of rental income.

2.  People tend to stress the 180 day rule for the 1031 exchange but the tougher part seems to be the 45 day rule.  Is there a workaround that people are using that I'm not aware of?  I thought I remember Brandon Turner repeatedly saying he had 180 days to "find" a property on the podcast.  Seems like in this market 45 days may be difficult to achieve.

Thanks in advance!

[Michinori Kaneko]

#1 yes 1 year.

#2 it's 45 days to identify your potential property, but you have to close within 180 days i believe.

@Dave Foster is an expert on 1031!