Taxes After Multiple 1031 Exchanges

[Tin Nacaj]

If you do 1031 exchange multiple times, do you pay taxes on the profit of only the last sold property or do you have to pay taxes on the total potential profits of all properties. For example, if I buy property #1 for 300k and sell it for 500k, creating a $200K profit. I then use 1031 exchange to reinvest that 500k and buy property #2 for 500K. If I sell property #2 for 800k, creating a 300k profit, am I only liable to pay taxes on the last 300k profit from property #2, or am I liable to pay taxes on the 200k profit from property #1 and 300k profit from property #2? 

I couldn't find a lot of useful info online. Thank you!