House Hack/1031 HOUSTON TX

[Ted Davis]

Happy Saturday all, My wife and I are getting started in the FI, Real Estate investor world by selling our current house (putting on the market in a few weeks) and buying another house in our same neighborhood to live in and renovate over the next two years. We closed on the new house yesterday. This deal came on us fast and we needed to act. Can anyone tell me if it’s still possible to do a 1031 seeing as we haven’t sold our current home but we already bought the new house? We our purchasing the investment property for less than we are selling our current home. We were only in the current house for a little over a year. Please let me know your thoughts and any advice that could possibly help with taxes and cost? We are planning on doing most of the work ourselves Thank you rock stars