1031 Exchange Questions

[Josh Darley]

BP,

I'm having a hard time understanding the true requirements for a 1031 exchange.  I'm hoping someone here can give me some guidance particular to my situation.  I purchased a condo in 2018 for 120k and currently owe about 95k.  I have put about 5k worth of capital improvements in it, and have now depreciated roughly another 5k.  It is currently worth 225k.  I would like to take the ~110k profit (after closing costs etc.) from selling it and use it to expand my portfolio.  Given the above scenario, can I take the 110k profit and buy a property cash, and then turn around and cash refi out of it so I'd have the ability to buy more?  Would the 1031 be done at that point and the cash from the refi free to use how I please?  

Does the new property have be greater than 120k (110k profit + 5k capital improvements + 5 deprecation recapture) or greater than the sales price of 225k?  I've also seen conflicting information about the loan amount having to be the same or greater as well, but in this scenario there would be no loan until after I've had the chance to cash out refi.  Any info or advice would be appreciated.

Josh