1031question - residency and rental on same property

[Carlos Panchana]

Newbie here.

I am closing on the sale of my rental property (a two family row house) and weighting my next options: cash out and pay the capital gains tax for my next home or find another investment property for a 1031.

During my initial research I found a particular property that has a main house (where my family could potentially live in), a small cottage that is currently being rented, and a three car garage with two apartments.

Would this qualify under a 1031?

[Ashish Acharya]

Originally posted by @Carlos Panchana:

Newbie here.

I am closing on the sale of my rental property (a two family row house) and weighting my next options: cash out and pay the capital gains tax for my next home or find another investment property for a 1031.

During my initial research I found a particular property that has a main house (where my family could potentially live in), a small cottage that is currently being rented, and a three car garage with two apartments.

Would this qualify under a 1031?

 You said you are closing soon, but do you know that you just cant close on a property yourself and receive the cash proceed to invest in another 1031 property. You have to actually work with QI. They will have to hold the cash and you need to find another property within certain time and use that escrowed money to buy another one.