Yes I did remember there was a huge problem with it, just couldn’t remember the details and my accountant didn’t like it either.
You’ll have to bust some serious butt to find a good replacement in time but it can be done. Delay your selling closing as much as possible, even consider offering a lease until you find a replacement.
“Edward Okun, the Miami businessman convicted of stealing from customers of his tax-deferral firm, 1031 Tax Group LLC, was sentenced to 100 years in prison for running a $126 million fraud scheme.”
When selling a property, I have my buyer place funds into escrow for an option on the property. They are not allowed to close the option/escrow until I’ve placed my next property into escrow via another option.
Simple.
No 45-day timing issues, no 180-day closing problems.