1031 exchange rules?

[Lauren Lam]

I have a home that i lived in from 2013 to 2020. We switched the mortgage to an investment mortgage and are renting it out ( December 2021 is one year as rental). If we were to sell the property what are the tax implications? Do we need to roll into 1031 exchange since it is now an investment mortgage? If we did this we could purchase a multifamily property or multiple single family properties as rentals but I don’t think they would cash flow as well as the current property.

Is there any amount of money that we could keep or invest for college for our kids (529 plan?) Or use to renovate our “new” property that is stuck in 1985 ? Or use to purchase a new main primary residence?

We have not decided to do this yet but I am wondering what the process would be from an income perspective. Thanks for any help you can provide.