1031 exchange - reserves?

[Rick Bradd]

I am planning on selling a property and doing a 1031 exchange, I have a couple of questions that I have not been able to figure out from the many other threads on this topic.

The property I am selling has a higher value than the property I intend to buy, can any portion of the profit I get be held as a reserve for the new property, for instance if I have 250K, can I use 225K as the down payment and keep back 25k as reserves?
I ask because my reserve fund will need to be beefed up to cover the new property expenses and its about half of what I am comfortable with.

Any tips on what I should be looking for when I select a Qualified Intermediary?

Thanks in advance, hope everyone is having a happy Memorial Day, and a special shout out to those of you that are, or have served, we sincerely appreciate you.

Rick