The term "like-kind exchange" is often used to describe this process, emphasizing that the replacement property must be of the same nature, character, or class as the property being sold.Key Components of a 1031 Exchange:Identification Period:Once a property is sold, investors have 45 days to identify potential replacement properties.

Hi guys,Just weighing up options to see what the most profitable one could be..I have a seller who has an old character house 2/1 with about 1450 sqft divided into 2 levels, he wants to sell in August as in the summer he has family coming over to stay.His lot is large enough to be sub divided and both houses either side have done so about 5-10yrs ago.Im also looking to move out of my residence with my partner into a house.Asking price is $550 - This is an off market deal and he would like to sell to me.Assessed price of 2 lots like the ones next door are $570k.

They have become so ubiquitous and are cheap if you have the ceiling down, but have zero character, and character is what my 120 year old buildings mainly have to offer besides location.

I mean I don't have a personal stake in it in any manner I am not going to benefit personally I am just trying to take I guess a contrarian view point since BP lets us.. and explain to folks this is simply HIGH HIGH risk for someone who is just trying to cut our the local rehabber and get into their cash flow rental for 5 or 10k cheaper than what you have to pay on the open market be it MLS or turn key companies.. to me the risk and time involved the stress etc etc is just not worth.a few years back there was this character on BP form Atlanta he really hammered Bp members with his pitch and he got me for 10k too... but I talked to a few BP members there were three of them all from Denver as I recall.. none of them in the business one was a CPA they lost 30 to 70k EACH ...

Run like hell from this character.

I the process I was around their guys and impressed with the work and character

Either they'll pay the drugs before the rent or they'll bring in shady characters doing who knows what.But even if they've become model citizens.

Or looking at it from the positive side, when nobody is home, at least the homeowner can put a face with the business card or flyer you left on their door making it NOT a “suspicious character” at all!

Lots of character you don't find anymore.  

He's an absolute character and a wealth of knowledge.