Brand new to forum but need help please

[Gary R Uren]

I have a rental in California,  I live in Oregon.  I found out that the renters are using the property for a pot farm illegally.  I was informed that I will fined $1000.00 a day if discovered (the renters nothing). I immediately served a 60 day notice.  I then recieved a cash offer for the property. I am accepting the offer even though it is less then the current value but it is as is. I am worried about the 1031 restrictions for time to purchase a house in klamath falls,  Oregon.  How hard is it to buy a house in the 45 days required by the 1031? 

A little more info, the house is a small house on 2.5 acres built in the 1930's.  I was talking to a realtor and they told me that I could sell the house for cash for 100 to 150 thousand after the renters were evicted and the property cleaned and some repairs done. She said if I redo the whole house for 50 to 75 thousand I could sell it for about 250 thousand. I am worried about working on the house due to the fact that it was built in the 1930's and a some of the construction was literally done with logs ( yes actual logs) instead of lumber. The cash offer is for 110 thousand.  I am sorry about the long post but I am very nervous and would appreciate any help and suggestions you offer. Thank you, Gary

[Bjorn Ahlblad]

@Gary R Uren Welcome to BP! Sorry for your problems. You need to check with your CPA and a 1031 intermediary. You do not need to close within 45 days; you need to identify within 45 days and then you have more days to close, is my understanding, and I am not an accountant or 1031 expert so check it out with a professional. Sounds like there is a lot of upside if you get the tenant out and spend some money on a rehab. All the best!