Brand new to forum but need help please
I have a rental in California, I live in Oregon. I found out that the renters are using the property for a pot farm illegally. I was informed that I will fined $1000.00 a day if discovered (the renters nothing). I immediately served a 60 day notice. I then recieved a cash offer for the property. I am accepting the offer even though it is less then the current value but it is as is. I am worried about the 1031 restrictions for time to purchase a house in klamath falls, Oregon. How hard is it to buy a house in the 45 days required by the 1031?
A little more info, the house is a small house on 2.5 acres built in the 1930's. I was talking to a realtor and they told me that I could sell the house for cash for 100 to 150 thousand after the renters were evicted and the property cleaned and some repairs done. She said if I redo the whole house for 50 to 75 thousand I could sell it for about 250 thousand. I am worried about working on the house due to the fact that it was built in the 1930's and a some of the construction was literally done with logs ( yes actual logs) instead of lumber. The cash offer is for 110 thousand. I am sorry about the long post but I am very nervous and would appreciate any help and suggestions you offer. Thank you, Gary