Need more information for a 1031 exchange!

[Stephanie Lynn Narcisse]

I'm planning on purchasing a property (condo) soon. I was wondering if there is anything that might prevent me from exchanging it for a rental property like a duplex or a triplex? Do I need to rent the condo first in order for it to be classified as a rental property before starting the 1031 process? If so, how long do I need to rent it for? Once I complete the 1031 process can I live in one of the units while the others are being rented or will I have to wait a while before I do that? I also need information about reliable companies that can be used as a third-party for the exchange. I would love to hear about your experiences and would appreciate any advice you all may have.

[Natalie Bender]

I highly recommend Weiming Peng with Excel1031. I work in the DST space, and help investors 1031 exchange from active ownership to passive ownership. Weiming is by far the most responsive QI I work with. I think he as been a QI for 10+ years.

Give him a call he will be able to answer all of your questions. I'll DM you his contact info.