., commissions, fees) and consider a 1031 exchange to defer gains by reinvesting in another property.This post does not create a CPA-Client relationship.

I am in the same boat of either 1031 exchange or refi some of my small multi's to purchase a larger complex.

Some buy to park money, others do 1031 exchanges or they simply buy them for a tax write-off. 

If yes, am I eligible for a 1031 exchange even though I claimed the home as my primary residence when it was rented? 

Quote from @Patrick Albright: You could look at doing a 1031 Exchange to avoid any tax hits this year. there is no tax. 

I'm currently planning to purchase a commercial multifamily building in Chicago with the proceeds of a 1031 exchange.

In exchange, I have first rights to sell the property through a power of attorney. once it sold, the seller get his agreed price, and I get the rest.

Maybe we can exchange insights and strategies to help each other navigate the challenges of getting started.Looking forward to staying connected!

@Ilia Zakharav, There's no problem in selling individual units and 1031 exchanging them as individuals. 

Ask questions to find out about their reasons for selling, desired next steps (i.e. relocation, 1031 exchange, etc.), and anything else that is important to them.Ask follow-up questions to dig deeper and learn more (without being too intrusive) then jot down any relevant notes so that you can reference them down the line during your follow-up calls.