Fire Sale of !031 Property

[Buddy Holmes]

We have a 1031 EX SFR which had a major fire last month. Rather than go through the extended process of rebuilding we have sold it to a (BP) Flipper. Not closed yet.

The property was obtained in a 1031 Exchange ~46 months ago.  I learned from a prior post that there is a 5 year rule before selling.  Not sure what the consequences are of this but would like to avoid any.

I might be able to do another 1031 exchange from this to a DST.

In the case of a sale to a Flipper the net sale for 1031 consideration I suppose would be 

Flipper sale Net + Insurance Payment.    So a new purchase would have to match this Net $ out, the new mortgage would have to be >= old mortgage payoff.  Correct?

Any other rules other than the time rules?

Cheers,

Buddy