diff --git a/eng/Versions.props b/eng/Versions.props
index 369639914..2f1cb2b92 100644
--- a/eng/Versions.props
+++ b/eng/Versions.props
@@ -12,12 +12,13 @@
   <PropertyGroup>
     <MicrosoftBuildLocatorVersion>1.2.6</MicrosoftBuildLocatorVersion>
     <MicrosoftBuildVersion>16.0.461</MicrosoftBuildVersion>
-    <MicrosoftWin32RegistryVersion>4.6.0</MicrosoftWin32RegistryVersion>
+    <MicrosoftWin32RegistryVersion>4.7.0</MicrosoftWin32RegistryVersion>
     <NewtonsoftJsonVersion>12.0.2</NewtonsoftJsonVersion>
+    <NuGetVersioningVersion>5.5.0</NuGetVersioningVersion>
     <SystemCollectionsImmutableVersion>1.5.0</SystemCollectionsImmutableVersion>
     <SystemCommandLineExperimentalVersion>0.2.0-alpha.19154.3</SystemCommandLineExperimentalVersion>
-    <SystemConfigurationConfigurationManagerVersion>4.6.0</SystemConfigurationConfigurationManagerVersion>
-    <SystemSecurityPrincipalWindowsVersion>4.6.0</SystemSecurityPrincipalWindowsVersion>
+    <SystemConfigurationConfigurationManagerVersion>4.7.0</SystemConfigurationConfigurationManagerVersion>
+    <SystemSecurityPrincipalWindowsVersion>4.7.0</SystemSecurityPrincipalWindowsVersion>
   </PropertyGroup>
   <!--
     Nuget package versions for tests
diff --git a/global.json b/global.json
index c114e7397..aec26f049 100644
--- a/global.json
+++ b/global.json
@@ -1,12 +1,16 @@
 {
   "tools": {
-    "dotnet": "3.1.101",
+    "dotnet": "3.1.200",
     "runtimes": {
       "dotnet": [
         "2.1.11"
       ]
     }
   },
+  "sdk": {
+    "version": "3.1.200",
+    "rollForward": "major"
+  },
   "msbuild-sdks": {
     "Microsoft.DotNet.Arcade.Sdk": "5.0.0-beta.20171.1",
     "Microsoft.DotNet.Helix.Sdk": "5.0.0-beta.20171.1"
diff --git a/src/MSBuild.Abstractions/MSBuild.Abstractions.csproj b/src/MSBuild.Abstractions/MSBuild.Abstractions.csproj
index af8a95853..804a05bbd 100644
--- a/src/MSBuild.Abstractions/MSBuild.Abstractions.csproj
+++ b/src/MSBuild.Abstractions/MSBuild.Abstractions.csproj
@@ -1,7 +1,7 @@
 <Project Sdk="Microsoft.NET.Sdk">
 
   <PropertyGroup>
-    <TargetFramework>netcoreapp3.0</TargetFramework>
+    <TargetFramework>netcoreapp3.1</TargetFramework>
   </PropertyGroup>
 
   <ItemGroup>
diff --git a/src/MSBuild.Conversion.Facts/MSBuildFacts.cs b/src/MSBuild.Conversion.Facts/MSBuildFacts.cs
index 4ed784814..6ee003ae0 100644
--- a/src/MSBuild.Conversion.Facts/MSBuildFacts.cs
+++ b/src/MSBuild.Conversion.Facts/MSBuildFacts.cs
@@ -191,7 +191,6 @@ public static class MSBuildFacts
         public const string DefaultSDKAttribute = "Microsoft.NET.Sdk";
         public const string LowestFrameworkVersionWithSystemValueTuple = "net47";
         public const string SharedProjectsImportLabel = "Shared";
-        public const string NetCoreAppTFM = "netcoreapp3.1";
         public const string SystemValueTupleName = "System.ValueTuple";
         public const string DefineConstantsName = "DefineConstants";
         public const string OutputPathName = "OutputPath";
diff --git a/src/MSBuild.Conversion.Project/Converter.cs b/src/MSBuild.Conversion.Project/Converter.cs
index 2406f6f6e..3114acebd 100644
--- a/src/MSBuild.Conversion.Project/Converter.cs
+++ b/src/MSBuild.Conversion.Project/Converter.cs
@@ -23,9 +23,9 @@ public Converter(UnconfiguredProject project, BaselineProject sdkBaselineProject
             _differs = GetDiffers();
         }
 
-        public void Convert(string outputPath)
+        public void Convert(string defaultTFM, string outputPath)
         {
-            ConvertProjectFile();
+            ConvertProjectFile(defaultTFM);
             var projectXml = _projectRootElement.Xml;
 
             // remove all use of xmlns attributes
@@ -64,13 +64,13 @@ public void Convert(string outputPath)
             projectXml.Save(writer);
         }
 
-        internal IProjectRootElement ConvertProjectFile()
+        internal IProjectRootElement ConvertProjectFile(string defaultTFM)
         {
             return _projectRootElement
                 .ChangeImports(_sdkBaselineProject)
                 .RemoveDefaultedProperties(_sdkBaselineProject, _differs)
                 .RemoveUnnecessaryPropertiesNotInSDKByDefault(_sdkBaselineProject.ProjectStyle)
-                .AddTargetFrameworkProperty(_sdkBaselineProject, out var tfm)
+                .AddTargetFrameworkProperty(_sdkBaselineProject, defaultTFM, out var tfm)
                 .AddGenerateAssemblyInfoAsFalse()
                 .AddDesktopProperties(_sdkBaselineProject)
                 .AddCommonPropertiesToTopLevelPropertyGroup()
diff --git a/src/MSBuild.Conversion.Project/MSBuild.Conversion.Project.csproj b/src/MSBuild.Conversion.Project/MSBuild.Conversion.Project.csproj
index 621c36a0b..6db477fc7 100644
--- a/src/MSBuild.Conversion.Project/MSBuild.Conversion.Project.csproj
+++ b/src/MSBuild.Conversion.Project/MSBuild.Conversion.Project.csproj
@@ -1,7 +1,7 @@
 <Project Sdk="Microsoft.NET.Sdk">
 
   <PropertyGroup>
-    <TargetFramework>netcoreapp3.0</TargetFramework>
+    <TargetFramework>netcoreapp3.1</TargetFramework>
   </PropertyGroup>
 
   <ItemGroup>
diff --git a/src/MSBuild.Conversion.Project/ProjectRootElementExtensions.cs b/src/MSBuild.Conversion.Project/ProjectRootElementExtensions.cs
index f71f0148b..e5eea68db 100644
--- a/src/MSBuild.Conversion.Project/ProjectRootElementExtensions.cs
+++ b/src/MSBuild.Conversion.Project/ProjectRootElementExtensions.cs
@@ -449,7 +449,7 @@ public static IProjectRootElement ModifyProjectElement(this IProjectRootElement
             return projectRootElement;
         }
 
-        public static IProjectRootElement AddTargetFrameworkProperty(this IProjectRootElement projectRootElement, BaselineProject baselineProject, out string targetFrameworkMoniker)
+        public static IProjectRootElement AddTargetFrameworkProperty(this IProjectRootElement projectRootElement, BaselineProject baselineProject, string defaultTFM, out string targetFrameworkMoniker)
         {
             static string StripDecimals(string tfm)
             {
@@ -470,7 +470,7 @@ static string StripDecimals(string tfm)
 
             if (baselineProject.ProjectStyle == ProjectStyle.WindowsDesktop || baselineProject.ProjectStyle == ProjectStyle.MSTest)
             {
-                targetFrameworkElement.Value = MSBuildFacts.NetCoreAppTFM;
+                targetFrameworkElement.Value = defaultTFM;
             }
             else
             {
diff --git a/src/MSBuild.Conversion.SDK/MSBuild.Conversion.SDK.csproj b/src/MSBuild.Conversion.SDK/MSBuild.Conversion.SDK.csproj
new file mode 100644
index 000000000..d49f20c56
--- /dev/null
+++ b/src/MSBuild.Conversion.SDK/MSBuild.Conversion.SDK.csproj
@@ -0,0 +1,12 @@
+<Project Sdk="Microsoft.NET.Sdk">
+
+  <PropertyGroup>
+    <TargetFramework>netcoreapp3.1</TargetFramework>
+  </PropertyGroup>
+
+  <ItemGroup>
+    <PackageReference Include="Microsoft.Build.Locator" Version="$(MicrosoftBuildLocatorVersion)" />
+    <PackageReference Include="NuGet.Versioning" Version="$(NuGetVersioningVersion)" />
+  </ItemGroup>
+
+</Project>
diff --git a/src/MSBuild.Conversion.SDK/TargetFrameworkHelper.cs b/src/MSBuild.Conversion.SDK/TargetFrameworkHelper.cs
new file mode 100644
index 000000000..9d773052a
--- /dev/null
+++ b/src/MSBuild.Conversion.SDK/TargetFrameworkHelper.cs
@@ -0,0 +1,86 @@
+using System;
+using System.IO;
+using System.IO.Compression;
+using System.Linq;
+using System.Text.Json;
+using System.Text.RegularExpressions;
+
+using Microsoft.Build.Locator;
+
+using NuGet.Versioning;
+
+namespace MSBuild.Conversion.SDK
+{
+    public static class TargetFrameworkHelper
+    {
+        /// <summary>
+        /// Determine the TFM to use based on what is installed on the users machine
+        /// </summary>
+        public static string FindHighestInstalledTargetFramework(bool usePreviewSDK)
+        {
+            // Finds SDK path
+            string sdkPath = null;
+            try
+            {
+                sdkPath = Path.GetFullPath(Path.Combine(MSBuildLocator.QueryVisualStudioInstances().Single().VisualStudioRootPath, "..", ".."));
+            }
+            catch (Exception)
+            {
+                Console.WriteLine("Unable to find the .NET SDK on this machine, manually pass '-tfm'");
+                throw;
+            }
+
+            try
+            {
+                // Find templates path
+                var templatesPath = Path.Combine(sdkPath, "templates");
+
+                // Find highest SDK path (should include previews?)
+                var largestVersion = NuGetVersion.Parse("0.0.0.0");
+                var templatePath = string.Empty;
+                foreach (var templateDirectory in Directory.EnumerateDirectories(templatesPath))
+                {
+                    if (NuGetVersion.TryParse(Path.GetFileName(templateDirectory), out var templatesVersion) &&
+                        templatesVersion > largestVersion)
+                    {
+                        if (usePreviewSDK)
+                        {
+                            largestVersion = templatesVersion;
+                            templatePath = Path.GetFullPath(templateDirectory);
+                        }
+                        else if (!templatesVersion.IsPrerelease)
+                        {
+                            largestVersion = templatesVersion;
+                            templatePath = Path.GetFullPath(templateDirectory);
+                        }
+                    }
+                }
+
+                // upzip the common project templates into memory
+                var templateNugetPackagePath = Directory.EnumerateFiles(templatePath, "microsoft.dotnet.common.projecttemplates.*.nupkg", SearchOption.TopDirectoryOnly).Single();
+                using var templateNugetPackageFile = File.OpenRead(templateNugetPackagePath);
+                using var templateNugetPackage = new ZipArchive(templateNugetPackageFile, ZipArchiveMode.Read);
+                var templatesJsonFile = templateNugetPackage.Entries
+                    .Where(x => x.Name.Equals("template.json", StringComparison.OrdinalIgnoreCase) &&
+                                x.FullName.Contains("ClassLibrary-CSharp", StringComparison.OrdinalIgnoreCase)).Single();
+                using var templatesJson = templatesJsonFile.Open();
+
+                // read the template.json file to see what the tfm is called
+                var doc = JsonDocument.ParseAsync(templatesJson).GetAwaiter().GetResult();
+
+                return doc.RootElement.GetProperty("baselines").GetProperty("app").GetProperty("defaultOverrides").GetProperty("Framework").GetString();
+            }
+            catch (Exception)
+            {
+                return "netcoreapp3.1";
+            }
+
+        }
+
+        /// <summary>
+        /// Regect obviously wrong TFM specifiers 
+        /// </summary>
+        public static bool IsValidTargetFramework(string tfm)
+            => !tfm.Contains("-") && !tfm.Contains(" ") && tfm.Contains("net") && Regex.Match(tfm, "[0-9]").Success;
+    }
+}
diff --git a/src/try-convert/Program.cs b/src/try-convert/Program.cs
index 02d4494cc..48cae34f2 100644
--- a/src/try-convert/Program.cs
+++ b/src/try-convert/Program.cs
@@ -7,6 +7,7 @@
 
 using MSBuild.Abstractions;
 using MSBuild.Conversion.Project;
+using MSBuild.Conversion.SDK;
 
 namespace MSBuild.Conversion
 {
@@ -25,6 +26,8 @@ private static async Task<int> Main(string[] args)
                 .AddOption(new Option(new[] { "-p", "--project" }, "The path to a project to convert", new Argument<string>()))
                 .AddOption(new Option(new[] { "-w", "--workspace" }, "The solution or project file to operate on. If a project is not specified, the command will search the current directory for one.", new Argument<string>()))
                 .AddOption(new Option(new[] { "-m", "--msbuild-path" }, "The path to an MSBuild.exe, if you prefer to use that", new Argument<string>()))
+                .AddOption(new Option(new[] { "-tfm", "--target-framework" }, "The name of the framework you would like to upgrade to", new Argument<string>()))
+                .AddOption(new Option(new[] { "--preview" }, "Use preview SDKs as part of conversion", new Argument<string>()))
                 .AddOption(new Option(new[] { "--diff-only" }, "Produces a diff of the project to convert; no conversion is done", new Argument<bool>()))
                 .AddOption(new Option(new[] { "--no-backup" }, "Converts projects and does not create a backup of the originals.", new Argument<bool>()))
                 .Build();
@@ -32,7 +35,7 @@ private static async Task<int> Main(string[] args)
             return await parser.InvokeAsync(args.Length > 0 ? args : new string[] { "-h" }).ConfigureAwait(false);
         }
 
-        public static int Run(string project, string workspace, string msbuildPath, bool diffOnly, bool noBackup)
+        public static int Run(string project, string workspace, string msbuildPath, string tfm, bool allowPreviews, bool diffOnly, bool noBackup)
         {
             if (!string.IsNullOrWhiteSpace(project) && !string.IsNullOrWhiteSpace(workspace))
             {
@@ -40,6 +43,7 @@ public static int Run(string project, string workspace, string msbuildPath, bool
                 return -1;
             }
 
+
             try
             {
                 msbuildPath = MSBuildHelpers.HookAssemblyResolveForMSBuild(msbuildPath);
@@ -49,6 +53,20 @@ public static int Run(string project, string workspace, string msbuildPath, bool
                     return -1;
                 }
 
+                if (tfm is null)
+                {
+                    tfm = TargetFrameworkHelper.FindHighestInstalledTargetFramework(allowPreviews);
+                }
+                else
+                {
+                    tfm = tfm.Trim();
+                    if(!TargetFrameworkHelper.IsValidTargetFramework(tfm))
+                    {
+                        Console.WriteLine($"Invalid framework specified for --target-framework: '{tfm}'");
+                        return -1;
+                    }
+                }
+
                 var currentDirectory = Environment.CurrentDirectory;
                 var workspacePath = string.Empty;
                 MSBuildWorkspaceType workspaceType;
@@ -82,7 +100,7 @@ public static int Run(string project, string workspace, string msbuildPath, bool
                     else
                     {
                         var converter = new Converter(item.UnconfiguredProject, item.SdkBaselineProject, item.ProjectRootElement);
-                        converter.Convert(item.ProjectRootElement.FullPath);
+                        converter.Convert(tfm, item.ProjectRootElement.FullPath);
                     }
                 }
             }
diff --git a/src/try-convert/try-convert.csproj b/src/try-convert/try-convert.csproj
index 65b34c0ab..8a592a35a 100644
--- a/src/try-convert/try-convert.csproj
+++ b/src/try-convert/try-convert.csproj
@@ -2,7 +2,7 @@
 
   <PropertyGroup>
     <OutputType>Exe</OutputType>
-    <TargetFramework>netcoreapp3.0</TargetFramework>
+    <TargetFramework>netcoreapp3.1</TargetFramework>
     <ServerGarbageCollection>true</ServerGarbageCollection>
     <AutoGenerateAssemblyVersion>true</AutoGenerateAssemblyVersion>
 
@@ -31,6 +31,7 @@
   <ItemGroup>
     <ProjectReference Include="..\MSBuild.Conversion.Project\MSBuild.Conversion.Project.csproj" />
     <ProjectReference Include="..\MSBuild.Abstractions\MSBuild.Abstractions.csproj" />
+    <ProjectReference Include="..\MSBuild.Conversion.SDK\MSBuild.Conversion.SDK.csproj" />
   </ItemGroup>
 
 </Project>
\ No newline at end of file
diff --git a/tests/end-to-end/Smoke.Tests/BasicConversions.cs b/tests/end-to-end/Smoke.Tests/BasicConversions.cs
index 8b7c15fbe..5a9c72e1b 100644
--- a/tests/end-to-end/Smoke.Tests/BasicConversions.cs
+++ b/tests/end-to-end/Smoke.Tests/BasicConversions.cs
@@ -67,7 +67,7 @@ private static (IProjectRootElement baselineRootElement, IProjectRootElement con
 
             var item = conversionWorkspace.WorkspaceItems.Single();
             var converter = new Converter(item.UnconfiguredProject, item.SdkBaselineProject, item.ProjectRootElement);
-            var convertedRootElement = converter.ConvertProjectFile();
+            var convertedRootElement = converter.ConvertProjectFile("netcoreapp3.1");
 
             return (baselineRootElement, convertedRootElement);
         }
diff --git a/tests/end-to-end/Smoke.Tests/Smoke.Tests.csproj b/tests/end-to-end/Smoke.Tests/Smoke.Tests.csproj
index 708df0e34..532529dde 100644
--- a/tests/end-to-end/Smoke.Tests/Smoke.Tests.csproj
+++ b/tests/end-to-end/Smoke.Tests/Smoke.Tests.csproj
@@ -1,7 +1,7 @@
 <Project Sdk="Microsoft.NET.Sdk">
 
   <PropertyGroup>
-    <TargetFramework>netcoreapp3.0</TargetFramework>
+    <TargetFramework>netcoreapp3.1</TargetFramework>
     <IsPackable>false</IsPackable>
   </PropertyGroup>
 
diff --git a/tests/unit/PackageConversion.Tests/PackageConversion.Tests.csproj b/tests/unit/PackageConversion.Tests/PackageConversion.Tests.csproj
index 43562ded4..ab26e833d 100644
--- a/tests/unit/PackageConversion.Tests/PackageConversion.Tests.csproj
+++ b/tests/unit/PackageConversion.Tests/PackageConversion.Tests.csproj
@@ -1,7 +1,7 @@
 <Project Sdk="Microsoft.NET.Sdk">
 
   <PropertyGroup>
-    <TargetFramework>netcoreapp3.0</TargetFramework>
+    <TargetFramework>netcoreapp3.1</TargetFramework>
     <IsPackable>false</IsPackable>
   </PropertyGroup>
 
diff --git a/tests/unit/ProjectConversion.Tests/ProjectConversion.Tests.csproj b/tests/unit/ProjectConversion.Tests/ProjectConversion.Tests.csproj
index 519f2697d..abdab38ba 100644
--- a/tests/unit/ProjectConversion.Tests/ProjectConversion.Tests.csproj
+++ b/tests/unit/ProjectConversion.Tests/ProjectConversion.Tests.csproj
@@ -1,7 +1,7 @@
 <Project Sdk="Microsoft.NET.Sdk">
 
   <PropertyGroup>
-    <TargetFramework>netcoreapp3.0</TargetFramework>
+    <TargetFramework>netcoreapp3.1</TargetFramework>
     <IsPackable>false</IsPackable>
   </PropertyGroup>
 
diff --git a/try-convert.sln b/try-convert.sln
index 84b78ebbe..78e2e3fab 100644
--- a/try-convert.sln
+++ b/try-convert.sln
@@ -23,6 +23,8 @@ Project("{FAE04EC0-301F-11D3-BF4B-00C04F79EFBC}") = "PackageConversion.Tests", "
 EndProject
 Project("{FAE04EC0-301F-11D3-BF4B-00C04F79EFBC}") = "Smoke.Tests", "tests\end-to-end\Smoke.Tests\Smoke.Tests.csproj", "{26176B40-732E-425C-A5F8-70B738C4778A}"
 EndProject
+Project("{FAE04EC0-301F-11D3-BF4B-00C04F79EFBC}") = "MSBuild.Conversion.SDK", "src\MSBuild.Conversion.SDK\MSBuild.Conversion.SDK.csproj", "{B56755BA-7992-4D2C-98E4-86F1C75A19B2}"
+EndProject
 Global
 	GlobalSection(SolutionConfigurationPlatforms) = preSolution
 		Debug|Any CPU = Debug|Any CPU
@@ -132,6 +134,18 @@ Global
 		{26176B40-732E-425C-A5F8-70B738C4778A}.Release|x64.Build.0 = Release|Any CPU
 		{26176B40-732E-425C-A5F8-70B738C4778A}.Release|x86.ActiveCfg = Release|Any CPU
 		{26176B40-732E-425C-A5F8-70B738C4778A}.Release|x86.Build.0 = Release|Any CPU
+		{B56755BA-7992-4D2C-98E4-86F1C75A19B2}.Debug|Any CPU.ActiveCfg = Debug|Any CPU
+		{B56755BA-7992-4D2C-98E4-86F1C75A19B2}.Debug|Any CPU.Build.0 = Debug|Any CPU
+		{B56755BA-7992-4D2C-98E4-86F1C75A19B2}.Debug|x64.ActiveCfg = Debug|Any CPU
+		{B56755BA-7992-4D2C-98E4-86F1C75A19B2}.Debug|x64.Build.0 = Debug|Any CPU
+		{B56755BA-7992-4D2C-98E4-86F1C75A19B2}.Debug|x86.ActiveCfg = Debug|Any CPU
+		{B56755BA-7992-4D2C-98E4-86F1C75A19B2}.Debug|x86.Build.0 = Debug|Any CPU
+		{B56755BA-7992-4D2C-98E4-86F1C75A19B2}.Release|Any CPU.ActiveCfg = Release|Any CPU
+		{B56755BA-7992-4D2C-98E4-86F1C75A19B2}.Release|Any CPU.Build.0 = Release|Any CPU
+		{B56755BA-7992-4D2C-98E4-86F1C75A19B2}.Release|x64.ActiveCfg = Release|Any CPU
+		{B56755BA-7992-4D2C-98E4-86F1C75A19B2}.Release|x64.Build.0 = Release|Any CPU
+		{B56755BA-7992-4D2C-98E4-86F1C75A19B2}.Release|x86.ActiveCfg = Release|Any CPU
+		{B56755BA-7992-4D2C-98E4-86F1C75A19B2}.Release|x86.Build.0 = Release|Any CPU
 	EndGlobalSection
 	GlobalSection(NestedProjects) = preSolution
 		{861A048E-B8C9-4079-A1D2-4851DA080648} = {FEF77564-1629-42D5-9183-18EF3C31AFE5}
@@ -142,5 +156,6 @@ Global
 		{30EE0DE2-7BED-4868-AE20-4BD27553380B} = {8F861E7D-283E-46F9-9A6A-DBF1BE8BC978}
 		{A3DDB4B7-F48E-40FA-A638-B03EECB48255} = {8F861E7D-283E-46F9-9A6A-DBF1BE8BC978}
 		{26176B40-732E-425C-A5F8-70B738C4778A} = {8F861E7D-283E-46F9-9A6A-DBF1BE8BC978}
+		{B56755BA-7992-4D2C-98E4-86F1C75A19B2} = {FEF77564-1629-42D5-9183-18EF3C31AFE5}
 	EndGlobalSection
 EndGlobal