The QI acts as a middleman in the exchange process. The QI will handle the exchange of proceeds, coordinate the details with the closing agents, prepares necessary exchange documentation, and more!
Not at all! If anything, the 1031 exchange can help expedite the closing. The Exchanger will have the exchange funds held by the QI available for immediate acquisition.
If the transaction has closed and funds have been sent to the seller. However, you can still use an exchange all the way up to closing day!
Nearly all real property is like-kind to all real property which means you can sell a rental house and buy office, commercial, retail, industrial, multifamily, raw land, agricultural, etc.
There are strict rules regarding personal use for vacation and second homes. During the first 24 months of ownership, you can use the property 10% of the days that you rent the property out. (100 days rented - 10 days use)
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