1031 exchange questions

[Nina Rivera]

I’m about to close on my first flip. I want to take about half of the proceeds and reinvest it in a new property. The turnaround should be quick. Can I put half the proceeds in a protected 1031? Or does it have to be the entire profit? I’m hoping to be taxed on what I am NOT putting in the 1031. I understand that I am deferring taxes and not getting out of them altogether, when it comes to the other half. And can you refer me to a company that does that in NJ? Thanks