1031 Exchange - questions

[Paul Doherty]

I'm considering selling a property I own outright (worth 150k) and then, after realtor's fees, using a 1031 exchange to use the return from that sale to fund three or four new houses (30-35k down each). I understand the 1031 requires you to identify 3 like or better properties withing 45 days and buy one within 180. Does the same thing apply if I'm using the money to buy three or four? Do they all have to be purchased by the 180 day mark? How does this work?