I have a NOO 3 family (soon it will be the only property that I own) and have been considering a 1031 Exchange to buy an OO multi-family. NACA requires that applicants not own other real estate in order to qualify.
My question is this...
Once the existing 3 family transfers to the QI, it’s officially out of my name and I would qualify, no?
Trying to figure out how to take advantage of this program. TIA
@Cathie Kovacs Once you have sold your relinquished property (NOO 3 family) as part of a 1031 Exchange transaction and the net proceeds are held by a Qualified Intermediary it will not be considered real estate owned by you at that point in time.