1031 exchange rules and regulations

[Blake M Pursel]

I am trying to learn more about the regulations of a 1031 exchange. The way I understand it is that you must find a property to purchase that is of equal or more value. What I am unsure of, is does that have to be one property? 

If I sell a house for 200k, and I wanted to do a 1031 exchange, does it have to be one house for 200k or more? Or could I buy four 50k houses? These are only hypothetical numbers! 

Thanks!