FSBO and 1031 Exchange in Illinois

[Jim Bryant]

So I'm trying to sell one of my rental properties to trade up to a multi-family home.  

There is no problem with finding a buyer, my renter wants to buy it for my asking price.

Since I already have a buyer, I don't think I should use an agent.  So what will I need to make this sale all legal-beagle?  Some people are talking about escrow or title companies and others about getting a lawyer.

In addition, since I want to do a 1031 exchange, I guess I need to find a QI.   Also for the purposes of my 1031 exchange I am looking at more expensive properties than the sale price of my home and at the time of the sale I own the property outright.  I read something about needing the amount of debt to be greater on the new property, but since I own the property I am selling outright, I would imagine it doesn't apply. 

This all seems very complex, does anyone have experience with this in Illinois?

[Bill B.]

you need a QI. 
you need a title company or a lawyer depending what state you’re in. When you bought the property you used a title company or a lawyer, use the same this time. 
don’t touch the money, the QI gets the money not you.

You must invest all the cash, the rest of the purchase price can be a loan or cash. 

You have 45 days after sale closing to identify you’re new property (you can identify up to 3 and pick 1, that’s the easiest, beyond 3 gets tricky and requires you to buy most if not all identified.) you have 180 calendar days to close on new property.

More important for the QI to be helpful and knowledgeable than for them to be local. They can work nationwide. 

QI can answer rest of questions.