Investment property owners need to review their portfolios regularly to identify new opportunities as the market changes. In many instances, owners may find they want to sell existing property in exchange for different real estate opportunities. In these cases, they should consider whether they want to take advantage of a 1031 tax-deferred exchange.This type of procedure allows investment property owners to sell their properties for like-kind properties, all while deferring capital gains tax. If you’re interested in this type of opportunity, this article will provide a summary of the 1031 exchange, the rules that apply and the pros and cons of performing a 1031 exchange.