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Updated over 2 years ago,
1031 exchange to buy STR's
I'm in the process of selling a duplex that had been recently renovated. I was looking to do a 1031 excahnge as I could buy multiple properties and push out the taxes. From my uderstanding, the properties I would purchase have to be used as an investment property. But I was curious if I could buy investment properties and use them specifically for STR's? Or do I have to buy investment properties that will be long term rentals?
One 1031 exchange company I talked with mentioned that I would need to keep records that I've tried to rent the property out.
Any thoughts/information are alwasys apprecaited!