It is owner-occupied, that's why I mentioned the transfer of current tax base to the new property.
It's just that if I sell straight out and pay taxes as due, I will not be able to afford a comparable home. It would take years for the 1031, renting out my home, exchanging it, renting the new home, eventually moving in; if I refinance and rent it, the mortgage will be much higher than what I'll get in rent; sales are slow so contract of sale transaction is really out of the question, I am out of ideas! Help - Wed May 14 2008, 21:55
MVPs or 'Most Valuable Players' are key Trulia Voices members who have been contributing high-quality content throughout 2008 and providing valuable advice to consumers and real estate professionals.