A 1031 exchange will defer that and also defer the gain from the sale if you find that the extension doesn't apply to you.

I have not owned a venue before but have extensive event planning experience. 

Looks like a fixer upper and requires extensive improvements.ill check it out, but my guess is it will exceed what im looking for

I made my first million buying Preforeclosures and have dealt extensively in the field and teach the techniques.

Unfortunately the company I am leasing through does not allow extensions as that was actually my initial plan!

I will agree that this works for me because I have extensive experience rehabbing houses and feel comfortable overseeing the projects.

A special thank you to those who reached out privately to offer their assistance, extensive knowledge, and personal experiences.After thinking long and hard about all the advice, pouring over all the data we could collect, and considering we have at least 18+ years of Disney and Universal trips ahead of us with our kids, we decided to move forward with purchasing a vacation home in the area.

Initially, I rented the bottom unit to my contractor who did the kitchen extension / renovation.

I sent him a lease extension agreement and in the lease extension agreement it states that we are increasing the rent to $1,650 per month and we are requesting another $3,000 for escrow for a deposit to stay in month to month.

I am well versed in laws pertaining to STR regulations, which are extensive in my market.