NEED ADVICE: Converting a 5-Unit Building into multiple SFRs

[Shayne Hastings]

Hello all!

My business partner and I have a 5-unit property in Detroit that we purchased 4 years ago. We are looking to sell the property but I was curious if anyone has had success converting a commercial property into a SFR bulk portfolio purchase? Was hoping to utilize a 1031 exchange but the guidelines are a bit loose. If the value of the bulk portfolio is more than the 5-unit, would that justify the 1031 exchange or does it need to be one building that has equal or greater value?

I appreciate your help in advance!