1031 Exchange Questions

[Katlynn Teague]

Good morning BP,

I am curious about 1031 Exchange and have a couple of questions. 

How did you start using 1031? What are the benefits? Are there rules associated with 1031 or any specific guidelines that need to be followed? How do you like using 1031? 

These questions are because an agent in my office has a buyer who purchases every property through 1031. One of the buyers I work with is looking to get into 1031 and they purchased a property from me back in February of this year. The agent called me asking if they would be able to use 1031 on this property. I referred them to a 1031 advisor, to answer their questions and run them through the process. 

I know little to nothing about 1031 and wanted to ask the experts on here, to have more insight.