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Client received Condo in Florida with rules by the association they could not rent it for 1 year. They are not doing a vacation rental and want it to be a full time rental after the 1 year mark. Yes the intent is for it to be investment. Then throw in the kicker of renting to family member for a month and then just going to let it set. did they negate the 1031 with the 1 year clause. I have had some wonky ones. that the 1031 typically is giving bad advice. I always say I can not unhear what I hear. I am sure they don't want to see it as a rental because of rule from association but you already told me you got 3,000.00
thx.
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If there is no personal use, as you said, it seems to be for investment. I don't see anything in what you said that would disqualify the 1031 Exchange.
The renting to a family member ... was that before the one year? And was that rented at Fair Market Value? If it was rented below Fair Market Value, I suspect that would disqualify the 1031 Exchange.
