1031 Exchange Question. Please help
Hello,
This is my first post and I have no idea if this question has been answered in this forum or not but I'll go ahead and ask again. I have a customer who has a hotel he intends to sell at about 8.5 million. I know that you can list three properties or fewer to use to acquire the next 1031 exchange but the 4th property cannot exceed 200% of the selling price of the hotel. Can the next three properties combined together equal 8.5 million or greater? Or do all three have to be individually 8.5 million each to qualify for the 1031 exchange. Thank you for the help!