1031 exchange new property value

[Ana Vhan]

Based on what I read, I believe that if I am selling an investment property for $1M, I need to by another investment property(1 or more ) totaling value $1M. 

Talking to a CPA, she says that you only need to buy next property worth your profits from the sale(say for ex. $400K). Is this true? 

I would like above to be true since I don’t have more cash to buy another property worth $1M. Or are there other alternatives where I can still defer or save on taxes. 

Appreciate your responses as always. 

Thanks,

Ana