If you intend to do a 1031 exchange and defer all of your gain you need to replace the net value of what was sold and use all of the net proceeds to do so.

Sold the property in late 2006 for 265K and 1031 Exchange the money into a 18 unit apartment building.

Just like analyzing deals, analyze rehab costs a few hundred times and you'll get some precision. 

Would I be better off waiting till next year to close or can I still 1031 exchange this at the end of the tax year?

I am assuming you have the right contractors now but if not, then working on that is the priority.An option can be partnering with an experienced rehabber in the area and having him/her finish the project and get all the profits in exchange for paying the holding costs (including the interest payment to your lender).

We are using a 1031 exchange to sell a property and purchase 3 new properties. 

My agent said the seller wanted to remove the contingencies because he was doing a 1031 Exchange and wanted assurance that I would perform and close escrow.Everything was going great.

These types of systems create fire, that is thrown into what is called a heat exchanger.

Purchase price: $75,000 Cash invested: $33,970 Contributors: Randy Charboneau 1 of 3 properties purchased out of a 1031 Exchange package from another investor, using a 40% down payment from my solo 401(k) and a non-recourse loan from First National Bank of America brokered by Mark Robbins (Lending Resources Group).

I want to find an investor to JV my first deal with, who can help me learn the ropes in exchange for a share of the profit.