1031 question

[Cheryl C.]

I am doing a 1031 on the sale of a property that has been depreciated down to nothing (it's a condo). I own it free and clear. I would like to have the cash - but not the tax bill. I am thinking that if I buy a rental for cash and then refi it in a year or so I can extract the cash w/o a tax consequence. Anyone see a problem with this? How soon can I refi it? I don't want any "boot".