And you use all of the same professionals you normally do with the addition of a Qualified Intermediary whose job is to document the 1031 at the sale and purchase and ensure the transfer of funds from the sale to the purchase. 

Property 2 - $307k value, $155k debt = $152k equity - held for 5 yearsProperty 3 - $298k value, $136k debt = $162k equity - held for 3 yearsPurchase property - undeveloped land - for sale for $475k Questions:Is it as easy as selling the rentals, sending the cash to the intermediary, identifying that I want to buy the land, having the intermediary buy the land with the cash? 

This person is called the facilitator or qualified intermediary (QI) and they work with the title co on both sides. 

@Dave Foster is a knowledgeable Qualified Intermediary which you will need.

It's in a 1031 exchange with an intermediary.

California, Nevada, and Idaho have statues that regulate intermediaries and protect consumers from theft who want to do a 1031 exchange.

Does it matter when "looking" for a qualified intermediary (QI), should I look for one more familiar with California or Tennessee? 

I now have a little over $14,000 extra sitting in an intermediaries account.

You would only subtract routine permissible selling expenses such as:Permissible Selling Expenses and Closing Costs: Owner's title insurance premiums Escrow agent, settlement agent or closing attorney fees Real estate agent’s or broker's commissions Finder fees or referral fees 1031 Exchange Qualified Intermediary fees Documentary transfer taxes Recording or filing fees Attorney fees and costs related to the disposition or acquisition Tax advisor fees related to the disposition or acquisition You would NOT subtract any non-permissible operating expenses or costs nor any lender or financing related costs such as: Non-Permissible Operating Expenses, Lender or Financing Costs or other Closing Costs: Financing or lender costs such as loan fees, loan points, appraisal fees, mortgage insurance premiums, lender's title insurance policy premiums, and other loan processing fees and costs Prorated Property taxes Prorated rents Insurance premium payments Security deposits Payoff of credit card balances Repairs and/or maintenance costsYou Net Sale Price is probably going to be around $625,000 (ish). 

The process has to begin prior to closing.2) You have to use a Qualified Intermediary in order to do a 1031 exchange. 3) Talk with a QI now to learn more about the process and their fees.4) Ground up development of an office building is risky right now unless you are doing a build-to-suit with a signed long term lease in place.5) Financing will most likely be through a commercial lender at a bank in your area.