I have a renter who is interested in buying the rental home he is living in. I have quite a bit of equity? First, I have quite a bit of equity. Should I sell? What about a 1031 exchange? Has anyone had experience doing this? Also, how do I get the best price for the house?
I am not an expert in 1031 exchanges, but if this is considered an investment property and you are interested in purchasing another with the proceeds from the sale of this one, then a 1031 exchange would probably be in your best interest (in order to defer any potential tax liability).
I strongly suggest doing some research on 1031 exchanges online, then consulting an appropriate 1031 Qualified Intermediary for a plan going forward.