1031 Exchange and Due Dilligence Deposit

[Anand Narayanan]

Hello Gurus - I have a question on 1031 exchanges related to the Due Diligence deposit for a relinquished property. Is it ok to collect due diligence deposit for the relinquished property into a personal bank account before opening a 1031 exchange account with a QI? I understand that money is taxable. My question is whether it's still possible to open the 1031 exchange account with a QI after the due diligence period of the relinquished property (but well before the closing date).