1031 exchange rules help!

[Katelyn S.]

I recently discovered a great opportunity to purchase a mobile home park with property, but I would need to 1031 exchange a single family home in order to purchase. I believe the exchange is possible, but eventually I'd like to live on part of the property myself. Would this ever be possible if 1031 exchange was used to purchase the land? Perhaps if we rented out the property for a year or more first? 

[Katelyn S.]

Thank you very much for explaining! That is fantastic news.