1031 exchange question

[Adam Boertje]

I recently closed on my first SFH rental with tenants moving in. I also own a 156 acre ranch that I’ve rehabbed the house and I’m thinking about selling. If I sell that, is it just the profits that are subject to being taxed or the entire amount? I put 50k down on it 3 years ago and I expect to make about the same, giving me around $100k to reinvest. My 2nd question is can I just put that towards the loan I just took out, or will it need to be applied to a different property to avoid being taxed? TIA