1031 exchange questions

[Kenneth LaVoie]

Good morning. 

We own a 4 unit we've just signed a purchase and sales agreement on to sell. is it too late to commit to a 1031 exchange? We want a condo in Florida and we're thinking that even though prices are high, the deferment of the cap gain would offset the price premium. 

I THINK the rules state that we'd need to rent out the new property at least 14 days during the 12 months after purchase, and NOT occupy it ourselves for more than 14 days during same (with the exception of staying there while doing work on it). 

I've dismissed 1031X recently, thinking it was just too complex and expensive to warrant but I want to be clear on all options.