All Forum Posts by: Lorri Martin

We sold a rental condo and purchased a mobile home on a 1031. We intended to rent the mobile home but it needs more repairs than originally thought. If I tear down the mobile home, can I replace it with a camper as long as it is for short term rental (as was the condo)? I am questioning because I believe our 1031 intermediary originally told me we could not purchase land with a camper for our 1031.

We recently 1031'd a rental property for a rental property. After closing, we realized the new rental property is in much worse shape than we originally thought. Can we do a major renovation to the property and write off the expenses (or depreciate) on my income tax? Can we demo the entire house and rebuild? Is there a timeline if I am not using 1031 funds? Or should I just "band aid" what we have for a time period?