Pull money out after 1031?

[Carleen L.]

Hi!  I have a rental out of state that has dramatically appreciated in the 24 years I’ve owned it (paid $110k, MV is $340-375k). It’s been a rental for the past 15 years, and is fully paid off as of 5 years ago. It rents for $1750/month and has had the same excellent tenant for years. I’m thinking of selling to pull some money out, but know I need to do a 1031 exchange to avoid paying capital gains on just about the entire sale price. My question is:  can I then turn around and sell the new 1031 property and keep some of that money liquid?  I assume I would have to hold the new property for awhile, but how long?

Assume I need a big chunk of cash and don’t have a W-2 job/can’t get a mortgage against it. The question is can I ever pull that money out without paying capital gains?

Thanks!