1031 Single Property to Multiple Properties Strategy

[Chris T.]

I am looking into selling a single property and using the proceeds in a 1031 exchange to purchase 2+ properties.  My question for those that have done this or are familiar is what is the better strategy....1) Identify and purchase multiple properties in the 1031 exchange or 2) Purchase the first property in the 1031 and then after the needed seasoning period, do a cash out refinance and then purchase the second property.

I am not sure if one strategy is easier or more cost efficient than the other?  Obviously, if multiple properties can not be identified in the 45 day time period that makes the decision for me.  

Any insight from the experts would be appreciated.  Thanks!