All cash purchase with 1031 funds then refinance

[Matthew L.]

I have a rental I'm planning to sell in a few months and I'm thinking of doing a 1031 exchange. Couple of questions.

1) The purchase price was $165k and I had a $132k loan, approx $126k left on the loan. Recent comps are selling around $240k. Do I need to put 100% of the funds I get at the closing into the 1031? Or am I allowed to take out the $33k down payment + $6k in principal payments I made without paying tax?

2) I'd like to use the 1031 to make an all cash purchase and do a BRRRR. I'm not taxed on the cash out refi correct?