Newbie Completely in the Dark...Help!

[David Harte]

Hi BP community,

This is my first post on here ever. Love the podcasts and love reading through the forums. I am a College Junior at the University of Michigan.

My parents are selling our Rental/Vacation Home in New Hampshire, and looking to Purchase a Rental/Vacation Home in Cape Cod, MA.

I know about the 1031 exchange, but I am wondering how they would do this, and if anyone could give me some tips on what not to do.

When they say you have 90 days to notify, and have to close within 6 months, does that mean you have 270 days to close if you wait until the 90th day?

Who do you notify that you are going to do the exchange?

Who do we need on our team when we are going through this? 

Any help would be greatly appreciated!