1031 Exchange or SELL ???

[Edison Nunez]

Hi biggerpocketors, Wondering if I can do a 1031 Exchange or SELL. My intent was to rent it but... Here are the numbers: SFR Price: $72K Cash purchase Date: Aug 11th 2017 Rehab: $40K New Appraised Price: $227K Here's my issue. I bought this house under my Llc in an Auction and I have been fixing it up my self. Almost done and was planning to list it as a rental beginning of July to hopefully have tenants in by Aug 1st. However... A lady(savy) looked up my Llc, found my name and number and is making me a purchase offer. I'm not sure how the 1031 works, but will I even qualify for it? or can I sell after Aug 11th(one year later) and not have to pay the huge capital gain taxes? thanks I advance for helping understand my options.