Possible 1031 Exchange

[Randy Fountain]

Question for the BP community, A family member of mine recently sold a condo in Florida that they've owned for 2+ yrs and purchased another condo within a 2 week timeframe that was larger in size and more expensive. The condo that was sold produced a nice profit which in turn was used towards purchasing the new place. This new place is basically used as a vacationing home as was the older condo. From what I've read about 1031's, investment properties can be 1031 exchanged for "like" property when not used as a primary residence. Just wondering if this could've been used and if so, why wouldn't the agent/bank lender mention this. Thanks in advance. Randy