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Updated over 3 years ago,
Selling a single family home to pecan orchard?
I'm selling my Georgia single family home and was wondering if I could pay off my Florida home on 15 acres with a 1031 exchange. The 15 acres has over 100 pecan trees and 1 acre of orchard tree for a pick-a-patch, I also live in the home on this 15 acres.
I thought I could also payoff the 15 acre home/farm and lease out the pecan trees and acreage?
I also thought about putting 6 RV nightly rentals spots on 5 acres but I would still need to payoff the mortgage before starting the RV sites? Could I payoff the mortgage if I intend to rent out RV sites? Could I split my property into a 5 acre RV rental property and keep my home on the remaining 10 acre site?
I really don't want to buy another single family rentals and just exploring other options before I just pay the taxes. Would timber land be an alike type? Or does it have to be some type of building for rent?