SG asked:


I was recently confronted in regard to my FL condo (I owe $213) to exchange w/ a Myrtle Beach condo ($150). I am trying to sell/get rid of it to avoid future foreclosure. I have a permanent tenant lined up in SC, whereas I can’t even rent out on mine right now in FL–so I’m currently taking a big loss regardless.

How does a 1031 work, specifically when I owe more? Will I lose tremendously or does it wash even in the exchange process? I guess I’m confused as to how the titles & money owed are exchanged.

I’m trying to make it out of this unfortunate investment without drowning in the current slump! Would this exchange be beneficial to me?

investing real estate