Real Estate IRC Sec. 1031 exchanges today are very common. With respect to completing a successful 1031 exchange and deferral, there are stringent timelines for forward exchanges. Here are a few relevant timed deadlines:
Your widowed grandmother has a rent-stabilized apartment in one of the most coveted neighborhoods in Brooklyn. She's talking about moving in to an assisted living facility within the next few years. You'd give anything to get her apartment when she leaves. How can you make that happen? It's not as easy as them leaving it to you in a will, like they could with a house.
When you find the home of your dreams, you hope to move in as quickly as possible. However, you don't want to get ahead of yourself, as doing so could result in your overlooking an important detail.