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Updated over 6 years ago,
1031 a restaurant that has been leased for years??
A family member has a restaurant that she is selling to a builder. This restaurant has been leased for years. She has carried the loan for them until the construction is complete and the project is sold. She stands to make an approximate 500K gain. I'm somewhat familiar with 1031's but have never heard anyone doing it with a business like this. Anyone see any issues or hurdles with this? Can it even be done? Thank you in advance.