1031 Exchange Requirement

[Johnny Situ]

Hi BP folks,

I have a question for 1031 exchange, here's a scenario:

Relinquished property sales price: $180,000, remaining loan balance $102,000.

Replacement properties (3 properties):

Property A: $80,000

Property B: $85,000

Property C: $138,500

Each of the above replacement properties has 20% down mortgage.

Although I have met the requirements of the total purchase price has to be equal to or greater than the selling price, these are my questions:

1. Do I need to keep the same level of total equity in the replacement properties as it was in the relinquished property ($180,000 - $102,000 = $78,000)

2. How much do I require to spend on the replacement property from the total sales proceeds, considering it would be around $60,000 after agent commission and closing costs?