1031 Reverse Improvement Exchange- can it be done?

[Kelsey T.]

My husband and I are looking to sell a property, and invest the proceeds into the renovation of a property we already own. Can you do both a reverse and an improvement exchange combo? We purchased the initial property for $225k and can sell for $450k. The property we would like to improve is a very run down little house, fixed up would be worth about $2M.  We are in the process of getting the permits lined up and everything in order, so the 180 day time frame would be doable. I would like to know:

1) Is this even possible?

2) How much would it cost? 

3) To make this even more complicated, could we use the proceeds to improve two different properties? Both would have a higher value than the sold property. 

Thanks in advance for any help with this!