1031 Exchange Into a Property Already Under Contract?

[Michael Hayworth]

I have a mid-size mult-family unit under contract. There is an opportunity to sell one of my existing 4plexes quickly through a wholesaler to help with cash flow. Is it possiible to 1031 that money into the purchase of the larger property? My understanding is that I can't have taken title to any part of it, which wouldn't be the case, but it's my first 1031 Exchange and it seems worth checking. I hear about having to identify lists of properties for potential purchase, does already having a property under contract affect that?