@Carl wrote:
But the notion that this is effectively a 2nd home until is put into service is kind of concerning to me as I'm not sure if rental property to 2nd home is like kind.
If the replacement property were held for personal use, it would not qualify for Section 1031 treatment.
However, if the intent had been to exchange the relinquished property for replacement property that was to be used for investment, business, or rental purposes, then the exchange would qualify. Merely because there was a period where the replacement property was not immediately ready to be placed in service as rental property would not be a disqualifying factor.
