Reverse 1031 Exchange On Existing Property?

[Rick T.]

Could I do a reverse 1031 exchange for a property that I recently purchased with cash?  it would be the property that I first aquire for the reverse 1031.

Below are more details:

I purchased a property last month with a loan.  I'm considering paying-off the property and having another entity (reverse 1031 organization) own the property as part of a reverse 1031 exchange.  Then, when the property I'm selling- sells, I can complete the reverse 1031 exchange.