1031 exchange, or hold, refinance? what would you do?

[Elaine Lau]

hi everyone,  I am a newbie in bigger pockets and in real estate investment even though I bought two rental properties a few years ago.  I have been reading a lot and watching many youtube videos to learn about real estate and hoping to find my financial freedom ASAP!

I came across a topic - the 1031 exchange - and would like some input on how I could take advantage of it.  I acquired a property in Las Vegas, NV in 2009. Purchased at 320k with 20% down.  Now renting out for $2485.  My mortgage payment each month is $1850. Remaining balance is about $230k.  If the current market value is 380k to 400k, may capital gain would be 60 to 80k, right?  

I am debating on whether to keep the property for the cash flow or sell it and do a 1031 exchange.  And if I do a 1031 exchange, I would have to purchase another investment property of 380 to 400k. Or can it be more than one property with a combined value of that amount?   How and where would you guys invest with that amount?  

I live in Inland Empire now. I do not know the area too well, but I have not been able to find an area here with good cash flow.  Any advice will be greatly appreciated!