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Updated almost 4 years ago,
Can I move into my 1031 replacement MF?
I'd like to sell my rental home and buy the largest MF I can afford (likely 6-10 units.) If possible I'd like to move into one of the units as I'm currently paying rent. I'm estimating sale proceeds of 380k and my home is 121 eligible, so 130k needs to be protected by 1031. What would be the tax implications of moving into that 8plex that I buy if I spend 300k on the down and pocket 80k as reserves? Would I be splitting off the unit for tax purposes, would it totally disqualify my 1031? If I wait for some period of time can I move in later?