Real World 1031 exchange numbers

[Charlie Gruber]

I’m looking to sell a property and 1031 into another property and want to make sure I understand how some "real world" number may work.  Let me know if below looks correct:

• 1)The relinquish property (house I’m selling) is worth about $300k and have about $170k loan balance.Thus after realtor fees and other expenses figure I’ll have around $110k to use in an exchange.
• 2)I know my replacement property needs to be of equal or greater value but would like help to define this.Does this mean replacement property/properties need to be greater than sale price of the relinquished property or just greater than the profit?So in my above example does replacement need to me greater than the $300k sales price or the $110k profit?
• 3)Finally, want to make sure I understand the “boot” concept as it relates to mortgage debt.My basic understanding is that replacement mortgage must be equal or greater than mortgage on relinquished property.Thus in earlier example I mentioned the relinquished property has a loan of around $170K.So does this mean that even if I used all $110k profit in next purchase and purchased something over relinquished property sale price of $300k I could still get hit with tax if new mortgage less than $170K?
  For example, purchase something for $310k then subtract 110k profit from relinquished property and then minus another $35k I put into deal so net new mortgage $165k.In this example would I pay capital gains on the $5k difference between old mortgage amount of $170k and the new mortgage amount of $165k?

Thanks in advance!
-Charlie