N
icole Shirvani is a full‑time psychiatrist who turned to real‑estate investing to grow her savings, fund travel, and secure her daughter’s future. She first tried rental property in her twenties, buying a Toronto condo and renting it to a long‑term tenant before pausing to finish medical school. “Students don’t make much money, so I set that aside,” she told Business Insider. After residency, she sought an asset that would appreciate and generate cash flow, and real estate fit both criteria.

    In 2018, after moving to southern Oregon, Shirvani purchased a duplex near the hospital where she worked. One unit was already leased to a traveling nurse; the other was vacant. She spent six weeks renovating the empty unit, then found a new tenant. With both units occupied, her cash‑on‑cash return ranged from 15% to 20%.

    When a new job in Florida opened up in 2022, Shirvani decided to sell the Oregon duplex. Ordinarily, a sale at a profit triggers capital‑gain taxes—short‑term if held less than a year, long‑term otherwise. Instead, she used a 1031 exchange, a “like‑kind” strategy that defers those taxes by reinvesting the proceeds into a comparable or higher‑value property.

    Key rules of a 1031 exchange: it applies only to investment properties, not primary residences; a qualified intermediary must manage the transaction; and strict timing limits apply. The clock starts when the original property is sold. Within 45 days, the investor must identify up to three replacement properties in writing. The new property must close within 180 days of the sale. Shirvani began scouting Florida properties before listing the duplex, easing the pressure of the 45‑day window. She ultimately swapped the Oregon duplex for a beachside condo and a single‑family home in Florida. “The timeline was a bit stressful, but the market was still active,” she recalled.

    Since then, Shirvani has added two short‑term rentals in the Shenandoah Valley and a triplex in Lakeland, Florida. She plans to repeat the 1031 strategy as her portfolio grows. While she isn’t aiming for early retirement, the rental income supplements her nest egg, allowing her to reduce work hours eventually. It also provides funds for travel and contributes to her daughter’s future. “I can save more, travel, and eventually leave the real estate to her,” she said.