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I don't work in your area of the country but as an agent have been involved in numerous 1031 exchanges over the years. From an agents perspective there's not a whole lot of difference between a 10-31 transaction and a standard transaction other than some verbiage in the contract identifying the "relinquished property" and the "acquired property" in the exchange. The real work is done by the exchange agent and typically I work with a Title Insurance company who serves as exchange agent. As Betty Simmons already mentioned there are some key dates that you need to be focused on."Like-Kind" really used to mean "like-kind", in other words if you were selling a restaurant you need to acquire another restaurant but the IRS (through a court case) relaxed their interpretation of this a number of years back. Now you could exchange a commercial property for a large rental beach house if you wanted to though you'll want to keep the cost of the property you're acquiring at or above the one you're relinquishing or you'll have to deal with the tax consequences.
If you're interested in finding an investment here in the Chapel Hill – Durham area, I'd be happy to help ;-)
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