And the funds aren't just tracked by my CPA - they have to be held in an intermediary' account?

@Chad Walker if you don't have an intermediary in place when that sale executes then yep you're toast. 

I"m looking to do a 1031 on an investment property in Atlanta.  I've never done one before, so looking for recommendations from anyone who has actually, personally had a good experience.  Thanks.

Do you have a qualified intermediary you're working with? 

The main pitfall is make sure you use a Qualified Intermediary. 

Or do we need to go the route of setting up the new property with an intermediary, build the new structure with proceeds from sale, and then repurchase after the new structure is completed? 

and boom there you have it, no need to be in the gray market when you can go legit without a pay cut.Up to you if you want to take the intermediary step or not, but the arithmetic works out very differently if your average final sales price is $75k (wholesaler country, midwest), versus $750k, or even $400k. :)

Talk with a 1031 intermediary. 

This means there is no resident income state tax return that you need to file.This opens you up to being able to look for a qualified CPA that is not nearby.Regarding a 1031 exchange, there are various rules involved in a 1031 exchange.The 3 major rules that I consider are1) You must use an intermediary to facilitate the transaction2) You have 45 days to identify a new property3) You have 180 days to close on your new property

THAT is where the qualified intermediary/dealer takes their fee.