|
Hello experts,
I'm a 58-year old widow who owns one home (currently renting that one) and
has a substantial mortgage on another (which I am living in). I want to sell
the first home (which I own outright) partly due to the fact I can't keep
up on it's maintenance. I don't want to move back into it and I've not
lived there for four years. I'm considering a 1031 exchange and obtaining
an equal or higher value new condo in another state and rent that out. This
way I'll not have to worry about exterior maintence. I'll rent that out
which will help to pay for my current mortgage. I don't work as I'm
living off the rental income of the first home and my inheritance. Does
that sound like a good plan?
|
|
1031 exchange
