1031 Exchange Help!!

[Fernando Alvarado]

Hello everyone! I need help with deep explanation as this will be my first property i will ever do an exchange on and will need some assistance.

My question is if i have a property worth 140,000 can i exchange it for a house worth 160,000 and do i pay nothing so long as i just use it for business purposes?

The backstory on the property is it is an inherited property which is completely paid off zillow & realtor appraised at about 140,000 the reason i want to exchange the property is because of various issues with the property such as a breaking foundation, termites, Flood zone and also has no central A/c. I do not have enough money to renovate and the property is no longer in the condition to continue renting on. 

Any help is greatly appreciated. 

[Bjorn Ahlblad]

@Fernando Alvarado Welcome to BP! There are 1031 experts who post on here you can either do a search or wait for one to chime in on the thread. All the best!