Kentucky to Tennessee Rental Exchange

[Nick Murray]

I am selling a rental home that I own 50% of in Northern Kentucky (just south of Cincinnati). I want to execute a 1031 exchange for a rental home in Chattanooga. I have read about them online, but am looking for particulars on how I should actually go about executing one? Do I need to hire a lawyer, or deal with a certain company, etc.

The home I am selling in KY is worth about $250K ($125 since I own 50%). I will pay taxes on the appreciation and deprecation I've written off on it in the past 3 years of owning it. I want to avoid this by doing a 1031 for a multi-unit or SFH in Chattanooga TN for equal or higher value (I think that's a rule). Please advise.

Nick