Live In Flip Sale Into 1031?

[Luke Tetreault]

I purchased my current primary residence at the end of 2020. I would have about a net 125k cash currently if I were to sell after all closing fees. Thinking about a possible 1031 to my next live in flip? I’ve yet to do one so this is more than likely basic info I’m missing. But it’s my understanding the next piece of real estate needs to be equal or more in value to what you’re selling. Does that mean equal to more on the actual cash you’re moving? Or the actual full sale price of the piece of property? 

For example the house I’m in should sell for 215k on the low end. But I’ll net 125k after the mortgage is paid off. Does my next purchase need to be at or equal to 125k or 215k? Also, would using a mortgage for the next piece affect that at all? If i bought something for 225 with a mortgage and only needed 5% down? Or Would I still take that entire 125 and put it into the house and just finance the remainder? Thank you!