Cash Boot on a 1031 exchange

[Jason Teague]

I have a tax basis of $150,000 on a rental property that I am selling. I am under contract to sell the property for $215,000, of which after closing, I will realized $200,000.  I have no debt on the property, I own it free and clear.

Question 1:  Am I wrong to assume that I am facing $50,000 in capital gains taxes? $200,000 net from sale - $150,000 tax basis =  $50,000 gain

Question 2:  (Mortgage Boot) Even though I have no debt on the property, do I still need to acquire a replacement property greater than $215,000 (the sale price) or do I only need to acquire a property >/= my net gain of $50,000 to avoid the mortgage boot?

Question 3:  (Cash Boot)  If I finance the new property and put only the $50,000 down via the 1031 exchange and the qualified intermediary then cuts me a check for the remaining $150000, have I avoided the cash boot on the $150,000 because I'm only responsible for the $50,000k in net gains or do I have to put the whole $200000 down on the new property valued >/= $215,000 to avoid the cash boot?

Thank you thank you thank you in advance.