1031 Exchange into Multiple Properties

[Chris Combado]

Im considering selling a rental property and doing a 1031 into two separate properties. Both properties total costs will add up to the cost of the property I'm selling. The properties I'm looking at combined, require a downpayment of less than the profit I'll get from the sale of the house. My question is, is the extra money left after the down payments subject to capital gains tax? Or am I in the clear since I still meet the requirement of the costs of the properties equalling the cost of the house being sold? 

Thank you!