Once a 1031 Exchange has begun it needs to identify at least one replacement property within 45 days after relinquished property has closed. Start your 1031 Reverse Exchange here.Please provide us with as much information as possible. Virginia 1031 Exchange rules allow investors to defer capital gains on sale of qualified property if exchanged for like-kind property. To engage in a 1031 exchange, real estate investors in Virginia must meet certain criteria. Our law firm has acted as counsel for hundreds of tax deferred exchanges. We can prepare the necessary tax deferred exchange documents.