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Updated over 17 years ago,
1031 exchange to rental unit
I am soon looking to sell some investment land and thru a 1031 exhange move this money into a sf or multi tenant house. Given the time restrictions on the exchange I don't feel I can spread this money across multiple units in a timely manner and the fact I cannot devote 100% of my time to this effort. My overall goal is to hold the selected property long term for retirement so basically mortage paydown w/ appreciation.
So, the question I have is am I ristricting myself in the future for access to this money/equity in the house when I want to look for the second rental house or a third? The alternative I see is paying the capital gains on the land sale and then taking my time to select mulitple properties but I do not want to give uncle sam the taxes.
Thanks
JimW