1031, then pull equity

[Cor Bay]

Help me with this idea. Maybe it is a good idea and maybe has pitfalls I am unaware of. 

I have a property I own almost free and clear. Have owned it for sometime. Looking to sell it for $1.3 mil.

I have a project I am looking to develop in Mexico.

I don't really want to take a 30% hit on the cap gains tax, but yet need funds to develop the Mexican project.

Can I 1031 into another property in the US (apartments, storage units, etc...), then turn around and borrow as much equity as possible in order to fund the Mexico project (guessing 75-80%)

Thoughts?

Thank you in advance.