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Convert 6 unit multifamily into condos, 1031 after
I bought 6 unit property in Wildwood,NJ,
in November 2024, doing rehab now, should be done by May 2025
I am planning to subdivide 6 unit building to 6 separate condos and sell fall 2026, , if there are any experts in 1031 that can help me?!
planning to list them for 2024 taxes as 6 different properties and when rehab will be done , I will get all 6 deeds,
can I sell individual condo and 1031 based on basis I will show?
Real numbers- purchase 907k,
rehab , closing costs, soft costs, 840k, all in 1.747 mil, basis for each unit should be roughly 291k
appraisal of each unit minimum 400k , so 2.4 mil if for all 6.
I might refi only 4 out of 6, that will cover initial loan amount.