1031 Exchange rules/Laws - Owning for less than 1 yr

[Kevin Olson]

Hello BP, 

General question on 1031 exchange. I've read up on a lot of the details but I'd love a definitive answer to a unique case I'm working with. 

Purely investment property mixed retail/residential, bought in October 2015, buyer off market offer on property recently with sale price that would trigger ideal 1031exchange. Is a 1031 exchange legal if the current owner has only had it for 5 months?

Thanks, any feedback would be greatly appreciated!