Can I buy a property and fix it up, use exchange funds for construction?

Can I buy a property and fix it up, use exchange funds for construction?

Once you close on the purchase of the replacement property, any improvements made to the property will not be sheltered in the exchange or count towards the replacement property value. However, you can set up an Improvement Exchange where we act as the titleholder to the property while the exchange funds for construction are used. Doing this would allow you to include improvements made in the replacement property value.

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