Condo development and 1031 exchange

[Michael Wolffs]

I have bought and am renovating a 3 unit building.  I'm now going over my options to get my money out of this building.  My choice are rent and hold, sell a single unit, or convert the units to condos and sell them individually. 

My question revolves around the last option, converting to condos.  If I do this, they'll sell in three individual units.  How would this work with a 1031 exchange.  Is a 1031 exchange possible in this scenario?  If so, would it be three separate exchanges?  Would it, or could it, be a single multitransactional exchange (if that is even possible)?

Going further if it's three exchanges, could those be combined into one single purchase transaction on the back end.  By this I mean that I sell the individual condos for $300K each, but then buy a single $1 million property, using that to close out all three of the individual condo exchanges.

Does anyone have any idea if any of this is viable?