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Updated almost 8 years ago on .
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1031 Exchange with 2 owners (one occupies and pays the other rent
If a father and son purchase a condominium together and the son lives in the residence and actively pays the father rent (father has invested more in the property than the son), is this property eligible for a 1031 exchange?
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Dave Foster yes we are both on the deed. To give you the full picture- we reserved a luxury condo almost 3 years ago before the tower was built, closed and moved in last year. (I put down 10% deposit, he paid the rest in cash from his heloc). Since then the Seattle market has exploded and the property has nearly doubled. Because the HOA's and taxes are very high I'm looking to dump this place take the equity and invest in MF out of state (Seattle is too expensive now). Sounds like I'll have to wait for the 2 year exemption and or rent the unit out for 6-12 months?