If you are about to run out of time and neither of the remaining 1031 options is suitable, you may want to try to reinvest before the end of the calendar year into a "highly depreciating" asset that will allow you to use a lot of bonus depreciation in the same tax year. 

I am about to publish a BP article on the topic of saving massive taxes using bonus depreciation for those who can't complete a 1031 exchange for some reason. 

or (2) invest in a DST (Delaware Statutory Trust) -- these vehicles accept 1031 funds on a fractional basis, or (3) invest in an asset in the same calendar year with high bonus depreciation (which is typically accessed/proven through a cost segregation study).

*note* I also figured if I turned it into a Llc I could take a vantage of bonus appreciation and get that $150k back

I assume that I will be paying the 15% and if I have a 1031 deal in my back pocket that makes sense on a stand-alone basis … bonus tax deferral!

To give you guys some context on my situation, I recently graduated college and have a net worth of -$47k: -62k in student loans** +17k in savings, I got a 'W-2' job in a reputable company earning around $50k base with around $6k in bonuses, and I'm living with my parents in the Houston, Texas area (woohoo free rent and food) so I am able to save around 1-2k a month. 

. - You quote the work and structure the contract such that if the project is done to your satisfaction in 10 weeks (ample time on an 8 week estimate), a 5% bonus is awarded. - If the project takes longer, a 5% penalty is applied for each week past the 10 week deadline. - Payment is made in installments throughout the process after well defined intervals. 

And when schedule really is driving your dollars (whether it is high interest on financing, ability to move a tenant in at a certain date or risk losing them or something else) and the contractor is working with several other reliable customers you can offer overtime rates, timely completion bonuses, or just plainly ask them what you can do to get the top priority.

If that’s the case, the remaining entitlement (often called second-tier or bonus entitlement) could be used to purchase a primary residence.The best way to determine remaining entitlement is via your VA loan COE (Certificate of Eligibility).  

When you do a cost segregation study those 39-year depreciation schedules get about 25-35% of the property depreciated up-front with 100% Bonus or 80% in 2023.