Selling 96 Unit Complex; Need Help With 1031

[Jose Sanchez]

Hello I just had a question for the Bigger Pockets community. I know someone personally who is selling a 96 unit apartment complex for quite a bit of money. But he doesn't understand the tax code and I don't either so I wanted to see if you all would be willing to help me out. He wants to use the money to pay off all of the real estate loans that he has and then use the remainder to build another apartment complex with 60 units and also buy a condo in Miami to AirBNB it and make some profit off of it. But I believe that he will still have to pay taxes on the amount that the property is sold unless he fills out a 1031, but I can't seem to wrap my head around the rules. If anyone could help us out that would be amazing. 

[Dave Foster]

@Jose Sanchez, The 1031 exchange could benefit him.  But it also sounds like he's wanting to pursue a strategy (paying off existing loans) that will limit the 1031 benefit.  Doesn't mean he can't do both but there's some very strategic things he needs to work through with his accountant and QI.  It's the tax code - It's supposed to give you a headache:)