Real property held for productive use in a trade or business or for investment can be exchanged for any other real property held for productive use in a trade or business or for investment – these properties are considered “like-kind” to one another. Examples of like-kind investment real estate include: exchanging unimproved for an improved property; a fee interest for a leasehold with 30 or more years left; exchanging vacant raw land for a commercial building, or exchanging a single family rental for a small apartment complex. Read the full article, Like-Kind Property.