Can a single family home be exchanged for a duplex?

A single-family residence can be exchanged for a duplex, raw land for a shopping center, or an office for apartments. Any combination will work. The exchanger has the flexibility to change investment strategies to fulfill their needs.

What’s the difference between real property and 1031 exchange?

If we find the asset being relinquished does qualify for a 1031 Exchange, the next question is what the replacement property will be. As discussed previously, section 1031 applies to both “real property” and “personal property.” The primary difference between a personal property exchange and a real property exchange is the definition of like-kind.

When does a dwelling meet the qualifications for a 1031 exchange?

The answer is “yes” if the dwelling meets the qualifications set forth in Revenue Procedure 2008-16. Effective March 10, 2008. This revenue procedure clarified what was once considered a muddled area of 1031 exchanges. The qualifications are the following:

How long does it take to replace a property in a 1031 exchange?

From the time of closing on the relinquished property, the investor has 45 days to nominate potential replacement properties and a total of 180 days from closing to acquire the replacement property. Identification requirements: The investor must identify the replacement property prior to midnight on the 45th day.

Can a new landlord kick you out of a lease agreement?

Term Lease Agreement A term lease agreement is a housing agreement between landlord and tenant for a designated amount of time, typically 6-months to one year. If you learn about the sale of your rental property, and you still have a few months left on your lease agreement, your new landlord will not be able to kick you out.

What kind of property is excluded from 1031 exchanges?

The tax code specifically excludes some property even if the property is used in trade or business or for investment. These excluded properties generally involve stocks, bonds, notes, securities and interests in partnerships. Property held “primarily for sale” is also excluded.

How many keys does a tenant need to enter a leased house?

Keys and Locks. Landlord shall furnish Tenant with two (2) keys for each corridor door entering the Leased Premises. Additional keys will be furnished at a charge by Landlord on an order signed by Tenant or Tenant’s authorized representative. All such keys shall remain the property of Landlord.

Can a landlord make a tenant make a duplicate key?

Without the prior written consent of Landlord, no additional locks shall be allowed on any door of the Premises, and Tenant shall not make or permit to be made any duplicate keys or access cards, except those furnished by Landlord.

What happens if there is no signed lease?

If the tenant fails to pay rent after being provided a three-day notice, the landlord may file an eviction with the courts. Each party, both landlord and tenant, is required to provide advance notice to terminate an agreement, even when there is no signed lease.

Can a landlord charge for a lost key?

The Landlord may charge the Tenant for each key not returned at termination of this Lease Agreement, and for the replacement of lost keys while the Tenant occupies the Unit, in accordance with a Schedule of Charges posted in the Management Office. Keys and Locks.