“I want to do a 1031, but I can’t really afford to buy another 350k property (since a 1031 requires the replacement property to be at the same or greater value?)”
You should only need to incur the same amount of debt that you have, not the same or greater purchase price.
I have also heard of partial 1031’s when not all debt could be
carried.
You can also buy more than one property if necessary to accomplish this. It’s a wonderful option for many people.
******You really should talk to a qualified tax adviser that you have recourse with about this rather than getting information from a blog.
I’m curious if your current property is a condo OR house ?
