Rental properties exchanged to one property
I am learning a new concept of 1031 Exchange. Can an investor do a -1031 exchange by selling 2 rental properties and then use the proceeds to buy one rental property? The new rental price is about the same or higher than the total proceeds of the ones sold. For example if the sales proceeds from those 2 rental is 500K, then can the investor do 1031 exchange and use that 500K to buy one bigger rental property?
Thank you.