I've had a "regular" rental home (built in the 40s) in Springville for 12+ years which I'm thinking about selling and 1031 exchanging into a newer nightly (VRBO) rental home somewhere in/near the St. George area. Should walk away from the Springville property ~$250k. Plan is to take advantage of the St. George property for occasional personal use. From what I can gather, I should be able to pull it off as long as I:
- Make sure it's approved for nightly rentals--lots of rules around that in St. George.
- Adhere to the 1031 timing rules--45 days to find, 180 days to close.
- Don't exceed more than 14 days of personal use per year.
- Rent it out for at least 15 nights or more at market rate.
What am I forgetting?