Brian Rellihan, CFP®, MBA, EA
Meet the expert:
Professor Brian Rellihan brings over two decades of real-world experience in tax, finance, and real estate to the classroom. As an IRS approved Enrolled Agent and Certified Financial Planner™, he has prepared thousands of tax returns and advised a wide range of clients, including individuals, small business owners, and real estate investors.
His professional background includes managing a diverse investment portfolio exceeding $100 million in assets under management, as well as actively investing in residential real estate since the early 2000s. These experiences provide students with firsthand insight into the practical applications of financial theories and principles.
Professor Rellihan currently teaches upper-level finance courses to juniors and seniors in the Finance Department at Grand Canyon University. His teaching is informed by a strong commitment to bridging the gap between academic learning and professional practice, equipping students with the skills and knowledge necessary to succeed in today’s dynamic financial landscape
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Why I.R.C. 721?
...it's personal
Not long ago, one of Professor Rellihan’s family members—also a real estate investor—was faced with a familiar dilemma: how to sell an appreciated rental property while avoiding a significant tax burden. Following conventional wisdom, they initiated a traditional 1031exchange.
However, as is often the case, the process quickly became complicated. Rushing into the first 45 day hurdle, identifying three possible replacement properties. Two of which were quickly taken off the market, and the remaining option—a condominium—revealed numerous issues during inspection. With the closing deadline just days away, the investor was left with a tough decision: move forward with an undesirable property or face a substantial tax bill.
Ultimately, they chose to close on the condominium, but in the years since, the property has underperformed. Unexpected repairs, rising taxes and insurance premiums, and difficult tenants have turned what was meant to be a tax-saving strategy into a financial headache.
There had to be a better way.
Motivated by this experience, Brian began researching alternatives to the traditional 1031 exchange. He delved into the Internal Revenue Code and consulted with fellow tax and legal professionals. His goal was clear: to find a more flexible, investor-friendly solution that didn’t force rushed decisions under tight deadlines.
That search led him to I.R.C. Section 721, commonly known as a 721 exchange. This strategy allows real estate investors to defer taxes similarly to a 1031 exchange, but with added advantages: tax deferral, estate planning step in basis, diversification of investment real estate without the day-to-day management, better liquidity...and more!
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