How long until I can do another 1031 Exchange?

[James Boreno]

Hi BP,

Quick question, I completed a 1031 exchange on 9/2023 (about 4 months ago). I purchased a 6 Unit Multifamily as the replacement property and put about $150K in renovations into it. However, after thinking about it, I would much rather sell it because I'm not able to get the rental amounts I originally thought and I would much rather buy 2 duplexes so I have less of a headache. If I sold the property I would be looking at a profit of about $350K minimum. 

I was doing some research on google and also asked the 1031 exchange company, they said the IRS generally wants you to hold the replacement property for at-least 2-years before conducting another 1031 exchange, however that it's not a set rule, it's just recommended. I wanted to know if I would be able to conduct another 1031 exchange? This time I would buy 2 ready-made duplexes that are much easier to rent out with the proceeds.

Thank you for your time!