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Updated almost 3 years ago,
Can I 1031 a Long Term Rental to buy a Short Term Rental?
Hey there- I bought a deal six months ago that has greatly appreciated, and I have a buyer inquiring. If I get the right offer, I think I could sell this one and use the proceeds to buy a STR that cash flows $700/month more that I've been watching.
But is it legal to 1031 from a long-term rental that you've owned for less than a year into a short-term rental? Is this still a like-kind exchange?
Also - we would want to use the STR sometime as a family. Probably less than 4 weeks/year, renting the other 48 weeks or more.
Any advice?
But is it legal to 1031 from a long-term rental that you've owned for less than a year into a short-term rental? Is this still a like-kind exchange?
Also - we would want to use the STR sometime as a family. Probably less than 4 weeks/year, renting the other 48 weeks or more.
Any advice?