Need help on 1031 exchange of two properties

[Blake M Pursel]

So I have a few rental properties. And I am wanting to get a ton more! I work a day job, but have also been wholesaling to try to bring in extra cash, for down payments on rental properties. I got a new property under contract a couple days ago to wholesale, and I got it for a good deal. 

I have decided I want to sell one of my properties that I currently have gutted, and am rehabbing, in order to keep the property that I got under contract to wholesale. 

Do I have to close on my property I am rehabbing before I close on the new place I got under contract? 

I got the new deal under contract at a good price, and could get out of the rehab place almost evenly. 

But if I close on the new place first, ( I have the funds to float them both) will I get taxed hard on the sale of my rehab property? 

Or how do I 1031 this so I have no taxes?

Essentially I am wanting to trade the properties out for similar value.