How do figure an exchange

[Joseph Quarto]

Hi,

Some confusion & questions about a 1031 exchange.  We have a 5 unit multi-use building (commercial & rental) we live in part-time in Seattle & are thinking of selling & buying closer to the grandkids.

 we bought about 15 years ago for about $323,000.  It is now worth about 1.1million or so and we only have about $60,000 left on the mortgage.  So if I do a 1031 exchange for 1.1;

1) do we have to buy another property for 1.1, or the value after, taxes, commissions, etc.

2) Can we buy multiple properties, are the time limits different for each?

3) What if we only use say, $500k of the money; what how do you figure the tax implications on the balance.

4) Do I have to buy another multi-use or could I buy say a 3 unit, a single house(s) and a getaway cabin with land for our use?

5) If I did #4 above, could I then live in the house(s) & sell it 2 years later with no tax consequences (assuming the 250k/500k rule

6) Who holds the monies to insure Unca Sam gets his taste?

Any comments, pointers & suggestions greatly appreciated.

Joseph Q

Seattle/Ocean Shores