Failed 1031 exchange

[Son N.]

I'm thinking of doing a 1031 but the local market is seller's so things might not be easy buying something new that makes financial sense. I have no intention to invest out-of-area and willing to pay cap gain tax if there is no other option.

What happens if I cannot identify any suitable replacement property after 45 days? Do I get back the money on day 46 from QI? Or what happen if the replacement property cannot be closed within 180 days? Money back from QI on day 181? Who sends 1099-S?

Also for tax, if the 1031 exchange fails, will it be just like a regular investment property sales (like 1031 did not happen) or do I have to file certain forms (eg: 8824)?

Thanks