1030 exchange questions

[Mike O.]

I bought a rental townhouse in 2015 for $180,000(paid cash) and just sold it yesterday for $227,500. I am interested in doing a 1030 exchange to avoid property gains tax and had a few questions. I understand I need to identify a property within 45 days and close within 180 days. I was going to put the money into my brokerage account until I found a property but read last night that if I do that I won't be able to do a 1030 exchange. It said I need to invest all of the $227,500 to qualify.

Am I allowed to buy 2 houses for 200k each and put $115,000 into each of them and get a loan for the remaining $85k on each of the properties? Any extra advice would be greatly appreciated. Thanks