The buyer is using a company called welfont group to do a 170 exchange.  

This is a 1031 exchange.  

I would like to learn more about how to increase income from our rentals and possibly do 1031 exchanges in the future.  

@Jarell Stokes - Welcome to the vibrant community.Below, is the link to a BP blog on Wholesaling from which you will be able to uncover some new tips or build upon existing knowledge.http://www.biggerpockets.com/renewsblog/2015/01/31...Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.Good luck and best wishes with you REI activities.  

However, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

Good Evening BiggerPockets,Are there any members interested in sharing a 1031 Exchange experience?

I then look to grow my fund into a $100M fund within 10 years to parlay the growth into the banking industry.In my self storage business, I am focusing on acquiring an additional 40 self storage facilities in the next 10 years with the goal of either taking Social Self Storage public or being acquired by a self storage REIT.In my real estate investment business, I will be growing my portfolio to include an additional 500+ units in the next 5 years to hedge against inflation and to balance my lending business.In my wholesale business, I am currently working on automating the Chicago and Indianapolis markets to completely remove myself from the business within the next 18 months and will be scaling up to 10 properties sold per month per market.I am always looking for solid long-term business relationships, be it with experienced real estate investors who are in need of capital, equity partners looking to get a solid return on their money, strategic joint venture partners who are growth oriented, or foreign investors looking to hedge their U.S. currency holdings against inflation through the acquisition of U.S. cash flowing assets.Shoot me a line and lets start making some money together!

Lynn, unfortunately by receiving the proceeds in your name & not in an exchange intermediary name you violated the 1031 requirements.

I'm buying the property (but in another context, I'm really taking a loan at a really great interest rate) and will be exchanging, at my convenience, the collateral to another property that has the equity and cashflow to support it. 

utm_source=search&utm_medium=internal&utm_campaign=books Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.