Creatively Save on Tax Payment from Sell

[Alyse Moore]

Hi Everyone!

I'm planning to sell my property next spring so I can officially pay-off all of my student loans. I bought it in July 2017, and house-hacked for about 8 months living in the basement and rented out the other 2 units. I moved out about 3 months ago. The property cash flows very nicely, and with a bit of luck and planning my property appreciated about $75-$100k since I purchased last year and properties are selling about 15-20% over asking in that neighborhood, so my profit should be nice. Next year I'm buying more property, looking at only 6-8 unit multi family. 

Is there a creative way to save as much on taxes as possible from selling my current property? My main concern is having the cash to payoff everything; no partial payments so retaining as much cash as possible. I thought of doing a 1031 into the 6 unit I purchase and doing a cash-out refi, however that carrying out is circumstantial. I'll definitely consult with my accountant as well but figured you guys would have experience with this. Any ideas?