1031 Exchange advice

[Jen Hoang]

I have a property that I would like to do a 1031 exchange. The property is valued at $440k. I owe $140k. Let’s say that the sale generates $300k profit for simplicity. (Not included closing costs etc) 

1.  I need to purchase another property that is at least $440k and have at least $140k mortgage? 

2. I need to put that entire $300k as a down payment another property? So that $300k could be a 20% down on a $1.5M property? 

3. Do I start looking into new properties now before I list it to sell?

4. Any recommendations for a qualified Intermediary?