Work closely with a 1031-experienced CPA and qualified intermediary to structure your exchange for maximum tax efficiency and compliance.This post does not create a CPA-Client relationship.

Wale — Houston-based investor agent working with buy-and-hold clients.

I generally recommend that my clients get their first lease done professionally, based on the state, tailored to your particulars, and get it done really well. 

No attorney-client, fiduciary, or professional relationship is established through this communication.

I have a proforma that I run on properties with high level numbers to see if they're worth my clients' time.

Wale — Houston-based investor agent working with buy-and-hold clients.

@Peter Schiff In Tennessee, 1031 exchanges do not defer the state-level excise tax, even if they meet all federal requirements.What to do:You or your CPA should review Schedule J of the Tennessee excise tax return to correctly report the gain.Don’t assume your federal 1031 exchange documentation protects you at the state level.It may be helpful to work with a CPA familiar with multi-state real estate taxation, especially if the replacement property is in another state.If you'd like, I can help you generate a planning strategy or draft content for clients on how to handle Tennessee excise tax in 1031 scenarios.This post does not create a CPA-Client relationship.

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TBF, I would try to get some kind of proof of rent payment even because I have seen estoppels come in from clients but the actual rent was way lower...tenant was basically in cahoots with seller.

That’s a smart strategy right now, especially with so many traveling nurses and corporate clients looking for those midterm stays.Since you already have LTR experience, you’ll appreciate that MTRs hit a sweet spot between long- and short-term rentals — less turnover and management than STRs, but better cash flow than traditional leases.