1031 exchange newly purchased property

[James H.]

BP fam, quick question, I have owned a single fam property for 30 days. I paid $24500 cash and but $10k in repairs and was intending to rent but I have found a larger rental opportunity. Can I 1031 exchange it? I have a potential buyer and a contract on the larger multifamily property. 

[James H.]

@Dave Foster, I just wanted to thank you for your help on the 1031 exchange! Good thing we were able to talk a few days before my closing!!! As I now know you must have the exchange setup prior to closing. It worked great and process was rather easy! I was able to sale my existing SFH property and rolled the exchange fund and subsequently into my new 6plex! Thank you for the advice and your team's professionalism and promptness. Also thank you @Lauren Speidel and @Ryan Blake