EAT parks replacement land; construction improvements added within 180 days count toward exchange value — no boot.
When replacement property costs less than relinquished proceeds, boot (taxable gain) results. Solution: Improvement Exchange — a Qualified Intermediary (via Exchange Accommodation Titleholder, EAT) parks title to a replacement parcel and directs construction improvements during the 180-day window. The value of both land + completed improvements counts toward the replacement value, eliminating boot. Complex: requires EAT structure, construction financing to the EAT (not you), certificate of occupancy before day 180. Great for exchanging into a purpose-built property.
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Buy, Rehab, Rent, Refi, Repeat — recycle capital infinitely.
Recession-resistant cash flow with fragmented mom-and-pop sellers.
Exit landlording without paying cap gains.
Buy a 2–4 unit with 3.5% down, tenants pay your mortgage.
Buy, Rehab, Rent, Refinance, Repeat — with 100% OPM.
Renovate while living in, sell tax-free every 2 years.
Zero capital, zero credit — flip contracts for $5–25k each.
Rent apartments, sublet to travel nurses at 2–3× rent.