1031 Situation - Can it be Done?

[Michael Anspach]

Is it possible to:

-Identify 5 properties.  (Using 200% rule.)

-Use almost all proceeds to close first 4 properties in cash. Then about 2-3 weeks after closing finance property leaving 20% of cash in that deal.

-Then use cash and remainder of 1031 proceeds to purchase and close on 5th property with financing.

In the end would purchase 5 properties utilizing all 1031 money and replacement debt to newly acquired properties would have combined FMV greater than relinquished property.

Thanks so much.