No income but need to carry a small mortgage

[Bruce Reeves]

I want to do a 1031 exch. Sell my current duplex rental and buy a rental duplex or house in the next town I will be moving to in about ten months. Just retired and I have zero income. I have cash to live on for the next few years before I tap the IRA.

I understand one of the requirements of the 1031 is to carry the same debt as the property being sold. I will owe about 70k when I sell so I assume I will need to carry that same amount on my next purchase. So if I am buying a SFH or duplex for 200k and putting down 130k cash, can I get a asset backed loan if I park the remaining 70k in an account for collateral?

Thanks for any advice.