1031 Exchange - Where to start?

[Heather Gates]

I have a small MF property I am thinking about trying to do a 1031 exchange with. I know high level how it works, but not sure how to get started. Do all realtors know how to do a 1031 exchange? Do I need to find a specialist or company that solely works with 1031 exchanges? Do I need to focus on selling mine first or simultaneous look for the next investment? Any advice is appreciated. 

[Dave Foster]

@Heather Gates, I appreciate @Bill B.'s shout out.  1031 exchanges are like going two miles deep in a two foot wide creek!  Most realtors will have only a passing awareness of 1031 exchanges.  Because there is so much that has to be covered in real estate school.  And, while we even do CE classes for realtors, there is just a lot of realtors that have too much other important things to deal with on your property.  So they rely on people like us who do the 1031 exchanges.

The intermediary for your 1031 exchange has to be an unrelated party to you anyway.  So you do need to reach out to a QI (qualified intermediary) anyway.   

Heck, I'm a degreed accountant and the sum total of my undergraduate education on 1031 exchanges was one-half of one class period.  fortunately, there are enough nerds like us out there who have been willing to wade through the 10,000 pages of case law and statute.  And there's some good qis right here on BP you can vet using their references and actually talk to folks who have used them in the past.

I'll reach out via pm.  Happy to answer questions.