1031 fully deferred exchange

[Joe Rest]

I was planning to use a 1031 exchange for the sale of a rental property I own fully (no mortgage). Reading about the criteria to match to have a fully deferred exchange I am afraid I need to reinvest all the proceeds I will receive and not only the actual profit (including depreciation recapture). If I sell a property for 300K (minus fees) do I need to invest all the 300K and not just the profits? I am afraid so and this would not make it attractive for me.

1) Taxpayer must buy replacement property(ies) of greater or equal value

2) Taxpayer must reinvest the proceeds from the sale of the relinquished property(ies)

3) Taxpayer must re-acquire debt equal or greater to debt paid off from the relinquished property (or replace the debt with additional cash)