Do I have to use all of the proceeds from the sale?

[Martinis Jackson]

Greetings

Our company recently flipped a home that is now under contract. We are considering doing a 1031 exchange. We anticipate receiving a gross sale amount of around 155k; however, the net profits will not be this much. We need to pay back lines of credit and private money. Does a 1031 exchange mean that we have to take the entire 155k and reinvest it to reap the benefits of the tax free exchange or are we only required to use the actual profits from the sale? If the latter, how is this typically handled with respect to escrow? Thanks in advance!