(I will live in for 2 and rent for 3 years before selling)I also am a Qualified Intermediary and can say that one plus side of doing the 1031 exchange is that you also were able to defer your Recaptured Depreciation.

In fact, in many jurisdiction it is illegal for CPAs to form LLCs, known as practicing law without license.If you plan a 1031 exchange, you need to hire a qualified intermediary such as @Dave Foster, and do it before you sell your land.

So I’m looking for an intermediary to help me with a 1031 exchange in Philly.

@Al Skerrett, I think the way you have to think of this is that you need to do a reverse exchange because the three properties you want to sell as your relinquished properties will not all sell before you have to take title to the replacement property.What would happen is that we as the intermediary would take title to the new property and hold it. 

As to the 1031, he needs to contact a Qualified Intermediary (like @Dave Foster), before going any further so he can learn the rules before the closing.

The seller finance portion, as it is written, is an installment sale and a portion of capital gains will be due with each payment.I heard an associate I work with was able to have the gains of the seller financed payment fully deferred by funding his 1031 exchange account with his intermediary and purchase a like kind property.

The transaction involves the sale of your relinquished property through a Qualified Intermediary.

It can be completed on a simultaneous basis without a professional Qualified Intermediary as long as the parties know how to properly structure the transaction so that it qualifies as a 1031 Exchange. 

The process is very simple and there’s no need to play a shell game with intermediary banks or attorneys, even though I know you’re doing all of this legally.

Using the loan servicing account as an intermediary account would probably work with invoicing.Ann Bellamy: I have John Hyre’s KISS book, it’s great.