New Elevator needed in 2 buildings (1 mixed used, 1 residential). Anyone have experience

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I'm in the process of joining the business with my family. I'm new to all this real estate investing and management, but I figure it's pretty common sense and takes some creativity. Anyhoo, 2 major things that stand out is that both buildings need new elevators. One has been out of commission since I have always known it and the other is slowly failing (still works but it creeps me the hell out) It seems like it is a really big but necessary investment and not sure how to approach funding it. I suppose refinancing on the 1 or 2 buildings or selling off a single family residential or some residential lots that are small money pits could help. I'm trying to see how to avoid capital gains taxes from property sales to off set elevator costs. Would a 1031 Exchange apply? Cash flow is good on both properties and both properties have no vacancies or just 1 or 2 units are vacant for commercial property. All in all I'm trying to patch up loose ends and get this big things out of the way. Just not sure how long the investment will be and when I'll be back in positive ROI.

Any advice is appreciated. I've heard on podcasts people spending thousands on Capital Expenses but nothing on the level of a new elevator. If anything it'll teach me a lot in the first few years of property management. 

Cheers,

Justin