Renovating property for commercial use...

[Debbie Cooper]

Hello all. My husband and I have a small one acre lot with a home that is currently being rented. It is located at a very busy 4-way intersection. We have already had the property zoned commercial. We would like to clear the lot and build either multi residential or business units. We currently have a mortgage. Can someone out there give us some advice. We have consulted a tax accountant who says we will have a hefty capital gains tax should we decided to sell. We would like to look at all of the options available in order to see if we can create residual income ourselves rather than selling and giving this opportunity to someone else. Thanks.

[John Marshall]

Set up the 1031 before the closing.