1031 Exchange Questions

[Ashley Noethe]

So, I understand the overarching idea of what a 1031 exchange is, but have some questions ..

1) Do you have to roll over all equity you have in the property to the next deal? Or, just profit? For example - if you purchased a property for $100,000, put 20% down to have a loan of $80,000, then sold it for $150,000 .... would you have to roll all $70,000 of equity into the next deal OR the $50,000 that was profit above the purchase price? 

2) Talk to me about the like-kind property criteria .. so if you did this on a single-family it would need to be another single-family? does it have to stay in close proximity to the original property? 

We are in Iowa but ultimately looking to get into short-term rentals out of state. A super "justspitballing idea from my newbie real estate mind is if we could take equity we earned on a flip, get the down payment back, and roll the profit into property out of state we intend to use as a short-term rental.