Escrow Opened - Want to do 1031. Next steps?

[Andrew Fielder]

My friend has a rental property and they've just opened escrow. I asked him if they were doing a 1031 exchange and he said no. I've educated them on it in regards to the tax benefits and they'd like to try and do it. I'd like to help him as much as I can but I haven't done one myself.

My question is what are the next steps?

Is the next step to find a 1031 custodian? Is there paperwork that needs to be filled out? What other things need to happen before escrow closes?

Thanks in advance for your advice.

[Matt M.]

Find a 1031 intermediary and see if it will work. They will be able to answer your questions.