1031 Exchange Issue

I'm hoping someone on this board may have some ideas for this issue. I am looking for a property around $350k to purchase as part of a 1031 Exchange. The "like kind" property I sold is a rental office building, so the new property must be a rental. My daughter is planning on renting from us for the next 2 years, at least. We have just been informed that many coops will not allow us to "rent" to... [more]

I'm hoping someone on this board may have some ideas for this issue. I am looking for a property around $350k to purchase as part of a 1031 Exchange. The "like kind" property I sold is a rental office building, so the new property must be a rental. My daughter is planning on renting from us for the next 2 years, at least. We have just been informed that many coops will not allow us to "rent" to our daughter until we, ourselves, live there for 2 years. They said we could put her on as an occupant on the title of the lease, but then this won't qualify for the rental property on the 1031 exchange. We're thinking a more lenient board might offer a waiver for this type of situation, but other than that, are we out of luck for finding property in Manhattan? We put several offers down on the Upper East Side, and are so discouraged that we just found out now that it might not qualify for the 1031 Exchange. Our new move is to look in New Jersey, I guess. Thanks for any info. [less]