OK you SO need to go to your qualified intermediary on this.

If it is not your primary or even if it WAS (and you converted it, the guy with the chops will know) go over your unique scenario with your 1031 guy.

Real property IS 'like kind' as opposed to, say, stocks.

I know plenty about 1031s and have done my own and others. This is a place to get resources, not anwers when the IRS is concerned.

ALSO as Greg mentioned . . . you will have short term cap gains if you flip! 

It has to have been a rental property, not just a flip.

That said, you need to chat with a 1031 Exchange Expert and here he is:

Bill Exeter and here's more info too:  

1031 Exchange and Taxes, Oh My! 

Candice A. Donofrio has your answer. 

I can't even do my own taxes without help, so I'm certainly not qualified to help someone else with tax advice.

If you buy and flip it will not be a long term investment and will not qualify. Rent it out for a period and it will qualify.

Hi, Thomas J. Nelson, Realtor e-Pro, CRS, RCS-D, Vets 

Thank you for the shout out!  

Hi Lisa taylor 

The crucial issue is your intent.  You would have to show that you intended to hold the property for rental, investment or business use should you get audited.  It does not have to produce cash flow, but just has to be held for investment.  Properties held for sale (flipping, renovation, builders/developers) generally do not qualify because they are bought with the intent to hold for sale and not for investment.  It sounds like you had the intent to hold for rental, but your business plan for the property has changed.  You will be fine and will qualify for 1031 Exchange treatment as long as you can explain why you had a short-term hold.  It also sounds like you did not actually renovate, so it will not look like a rehab/fix/flip transaction.  

The best approach is to report and file as property held for rental/investment, document your strategy for switching, and move forward. 

Completed two recently.  There are scheduling restrictions.

Real property to real property. It used to be you can exchange a SFH for a Laundromat.   Real property can be anything income producing or not.

There are plenty of online forums that will help you with this but Greg is correct. You have to make it an investment first.

Any RE attorney can help you in your area.

Best to consult an accountant that specializes in this.

I strongly suggest that you get tax questions answered by professionals and not on a q & a forum.  CPA is the best option.

I would not take the advice here as gospel.  

Consult with a qualified 1031 intermediary. There are too many moving parts that this broad question may not address.  

Candice A. Donofrio gave you the best guidance...., Greg Cremia , too

You need to talk to a good qualified intermediary in your area.

Go to the IRS website.

Candice A. Donofrio is on it.

   I suggest, see a tax attorney and/or talk to your QI.

Seek a 1031 exchange facilitator - they will guide you in the right direction.