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Updated almost 3 years ago,
1031 exchange from SFR's to purchase farm over 10 acres in NC
Hello BP friends! Looking for some advise/ clarification for a 1031 exchange. I have 2 properties in NC which I am considering selling. However, they will sell about 2 months apart due to current lease agreements. I would like to use those funds to purchase a 10+ acre farm / land in N.C.
My question is: Can I convert the 2 properties to purchase a 10+ acre farm or land, have the farm as my primary residence and still qualify for a 1031 exchange? This farm/ land would be a working farm and not just as a homestead. Would the farm be considered "like property?" Feel free to expand on your answers and add any suggestions.
Also, what avenues are there to "park" my funds "short-term" before I identify a property to buy?
Any advise would be greatly appreciated! Thank you!