Any real or personal property can be exchanged, provided it is held "for productive use in a trade or business" or "for investment" and is exchanged for property of "like-kind" that will also be held for one of these same purposes. "Like-kind" does not mean "exactly the same", particularly with the exchange of real property.
The replacement property must be identifed within 45 days of the transfer of the first relinquished property.
The acquisition of your replacement property must be completed by the earlier of: