This has become the sweetheart deal for the astute investor who learns the benefits of the section 1031 I.R.S. rule. Basically, it allows an investor to "exchange" through a "qualified intermediary" their equity in one property to another with a deferred tax consequence. There are specific guidelines and timelines that must be met, but the program is much more fluid and flexible than one might think. It's a tremendous lever to elevate a real estate portfolio to a higher level. I have assisted or participated in many of these. If you would like to chat about this tool just give me a call!