Completely understand in a 1031 exchange the new property needs to be a higher basis value than the one that was sold. 

I’m reaching out to all investors, preferably in Chicago, that can mentor me in rental investing, and in exchange, it would be a pleasure to work for you/your business to get a hands-on learning experience.

I’m reaching out to all investors, preferably in Chicago, that can mentor me in rental investing, and in exchange, it would be a pleasure to work for you/your business to get a hands-on learning experience.

Hey all,We're facing another crossroads with what to do in terms of a 1031 exchange that my parents and I co-own (which I also live in with my wife and kids) with our current place and selling it in exchange for a place that's a little bigger.

You can also hold for another 2 years then do a 1031 exchange - but that is for another question.Other question how much do you have to buy another home?

They've only been a tenant for 2 months.Your job as a landlord is to provide habitable housing in exchange for rent.

Then, the developers offered to sell our equity group the deal out-right in exchange for settling the debts and payables on the project and returning current investment principal, including a negotiated return on said principle (between 50%-100% on the money already in). 

This could complicate or delay the exchange, especially if dealing with a bank. 

Refi's though you have to qualify and have provable income.If you hold for 2+ years as an investment you can do what is called a 1031 Exchange and buy another like kind property and transfer the tax due.

I think you can use funds to pay some of your closing costs but I've heard conflicting info on this.I did a very similar exchange last year and I would caution to keep an eye on your reserves.