1031 Question

[Cheryl C.]

I am planning to sell a property and 1031 in to 3.  I currently have a loan on it.  It's my understanding that I have to spend all my net, buy properties that, combined, exceed the sale price of my current property, and take on as much debt as I am paying off.  Is this correct?  I haven't done a 1031 in a number of years and don't know if anything has changed. 

Is it still 45 days (after closing relinquished) to identify and 180 days to close?  Can I go ahead now and use cash to pay-off existing mortgage and NOT have to take on new debt?  Or, is there a waiting period?  I am very tired of doing mortgage apps and would rather pay cash at this point in life. 

Doing this will free up dead equity and allow me to triple the cash flow of the original property.

Thanks for any info!