1031 into two properties, one new mortgage

[Lyndsay Dentel]

Hello, I am trying to make sure I have this correct. We are planning on talking with an intermediary next week but I'd love to pick your brain. Newbie to the 1031 world. 

Current property purchased: 400k, 300k mortgage. 

Estimated sale: 600k net proceeds 200k plus initial investment of 100k. Total proceeds 300k

Idea: Purchase another propety for 400k with 100k down, to have another mortgage for 300k. Purchase 2nd property with 200k cash. Wait, then refinance the 2nd property with mortgage after other closes.

Questions:

1. Is my initial investment of 100k taxable as well? My research says yes.

2. Can I split it up with one mortgage and one cash? I'm concerned about two mortgage loans at one time, and would prefer to do one and cash the rest. The requirement is to have the same loan right? So I'd only technically need 300k loan.

3. If I can do the split and purchase one with cash, when can I refinance and pull money out to buy another?

Any help would be appreciated.  If you have an intermediary in Portland, OR you prefer, please send them my way.