You own a property that you wish to exchange into another property. What can you do?
Today's model of exchanges seems to be the IRC-1031 tax deferred exchange. You contract to sell your property to a buyer and find the property you want.
If you have a problem finding the right property you can actually close escrow on your sale, deposit the funds with an accommodator and you have an additional 45 days to locate several choices. At some point you must select one of these properties and close the escrow within 6 months of closing the property that you sold. You can defer taxes on this transaction if done correctly. (See your CPA)
There is also the reverse model which has you purchasing a new property prior to selling yours. Again, you need to remain in the same time frame as the other exchange.
A far less common exchange is a direct exchange where you have a property I want and I have a property that you want. The direct exchange also gives tax benefits where applicable. (See your CPA)
TRC has done very few direct exchanges. We have done a countless number of the IRC-1031 tax deferred exchanges. Before selling outright you may wish to determine if you might be interested in a different type of property then what you currently own such as managed income property which relieves you of any management and yet allows you to purchase a property that returns a steady monthly income. You defer the taxes due on the sale and use them in the new property which enhances your total income.