1031 Exchange / Capital Gain Rule of Thumb(s)?

[Brandon Rodriguez]

Hey BP community!

Just wondering if anyone has any guidelines in regards to when its worth it to have a 1031 exchange in certain real estate sales.

My current sale is going to have me owe about 35-45k in capital gains tax.  Im contemplating even having an exchange.  Pros and cons? I can reserve the proceeds from the sale and be patient about a good deal, or be time constrained and have to follow 1031 rules and find a new purchase within 45 days.  This is my first rental sale.

--My goals?  Not sure if this is very common, however I love idea of cash flow (only $300/mo on property that's being sold - vs - I have an old contractor friend of mine which would help with flipping, or I would not mind seeking a partner for commercial real estate.--  Just a side note if it helps with your response.