1031 considerations

[Taylor Witt]

4 years ago I purchased my first house in which I lived in, and for the past 1.5 years I have rented it out. My long term goal is to own enough properties where I can make this my full time job. I would like to work my way into multi-family houses as well as some apartment complexes. I owe 180,000 on a property that is worth 250,000. I want to know when it makes sense to do the 1031 exchange. What would the long term tax and depreciation implications be if I kept exchanging my way up to an apartment complex?