Purchase price: $87,500 Cash invested: $39,000 Contributors: Daniel Foster My husband and I bought a single family house in a quiet neighborhood of Memphis.

Talk to @Dave Foster. 

If it is a flip - then you cannot use 1031. 1031s are for rental properties.If it was a rental - then yes, you can use a 1031 exchange. 3 pointers:sometimes it makes more sense to pay the tax, so run the numbers firstuse an experienced 3rd party intermediary, like @Dave Foster or @Bill Exeteryou must engage them before you sell the propertyGood luck!

@Dave Foster Thank you!!

Thank you Dave Foster that helped a lot!

@Jason Foster, I suggest that you reach out to your local real estate investors association for recommendations.

@Dave Foster is recommended as a QI, not much he doesn’t know about 1031’s (or about any kind of drink with a little umbrella thingy in it).

@Dave Foster  Thanks for the suggestion, I could use another dependent and mouth to feed.  

@Will Foster as the post above eluded to the answer here will strongly depend on what you have available as collateral. 

@Dave Foster this is exactly the answer I was looking for!