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Question on 1031 exchange
Hello – Need help understanding 1031 exchange rules. I have a $$$ passive investment in multi family property. The sponsor team is selling the property and have identified another property for a 1031 exchange. I invested last March and will be liable for capital gains tax. To do 1031 exchange, Can I find any other property or do I have to do with the property identified by the sponsor LLC? I'm not too excited about the property they're offering and hence trying to understand if I can pull the money out and find another passive investment on my own within the 6-month timeframe to do the 1031 exchange