I know there are many many Lilly employees who wish there was better housing stock closer to downtown so they wouldn't have to drive from Carmel

Yep, Jerry.Or, use a Corp and have the owner pass off the stock certificate, if he doesn't have it it's hard to prove who owns it. :)

Other partners offer better exchanges (cruises offer $100 for $200 gift cards or clothing stores offer 25% return).

yeah contract says that property is exchanged at closing

Also there is a local REX (real estate exchange) meeting the third Tuesday of each month at the Petroluem Club at 3301 C st, bring $20 and you get a meal with that.

The rent-to-value rations here are completely out of whack.It would be very smart of you to do a 1031 exchange into other markets that generate better cash-on-cash returns.Nevada and Arizona used to be great markets, but less so today with the low inventory levels there and particularly the rapid and large price increases in those markets over the last 24 months.

This would be a good way of exchanging your free time for long-term equity and wealth.

I actually did sell a property this week that I held for about 9 years to exchange into something else.

The property sits on several acres.I have read of scenarios where you can claim a percentage of the property as your primary residence to reap the benefit of the 121 exclusion ($500K Exemption), and the other percentage as investment property to earmark for 1031 exchange.

If capital is not an issue, you can consider the 1031 Exchange.