1031 Exchange: Flip for a Rental

[Michael Seeker]

I have a house that I flipped and is currently listed for sale. I expect to get it under contract soon (1-2 weeks max) and am also in the process of making an offer on a rental property. I should have that under contract by early next week.

What I'm wondering is if I can do a 1031 Exchange and if so, how? My basis on the flip is 150k, 50 of which is mine and 100 is hard money. I expect to net 200k on it, so 50k in profit. My expected acquisition costs for the rental are 35K. Is it possible to get my 50K back and take 35K of my 50K profit and 1031 into the rental?

Is it too late to mess with this since I've already listed and am already working up the offer on the rental?

Any help would be appreciated!