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Updated almost 10 years ago on . Most recent reply

Scott Moe's profile image
Scott Moe's profile image
Scott Moe
  • Real Estate Investor
  • from Hoffman Estates, IL
  • Member since Aug 19, 2014
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Scott Moe's profile image
Scott Moe's profile image
Scott Moe
  • Real Estate Investor
  • from Hoffman Estates, IL
  • Member since Aug 19, 2014
Connect
Scott Moe
  • Real Estate Investor
  • Hoffman Estates, IL
1
Votes |
10
Posts
1031 Exchanges

1031 Exchange Intent

Scott Moe
  • Real Estate Investor
  • Hoffman Estates, IL
Posted

I recently purchased a single family with the intent of fixing it up and renting it. As I finished the rehab, I received an attractive offer from a friend who wanted to buy the property. I agreed to sell it and will be closing soon. My question is am I allowed to do a 1031 Exchange since my intent was to buy and hold the property? I never listed the property for sale. It was luck that I got a great offer. I have five rental units and have never flipped a house before.

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