1031 Exchange Equity
Hi, I'm somewhat new to the game, and have a pretty simple question...I think. I have a rental property I have significant appreciation on that I'd like to sell and 1031 into a different rental property. I've read up on all the rules and regs and understand the timeline and values I need to meet, both in price and debt, regarding a 1031 exchange. Anyway, I'm curious if I can pull out my initial investment in this property when I close? For example, say I bought for $150k, $50k of which was my own money and I used financing for the $100k. If I sell for $250k, with a gain of $100k, I'd like to use this $100k gain as my "downpayment" with the bank to purchase my next property ($300k) while the bank would finance $200k, thus, returning my $50k investment back to me, ideally. Is this possible? Or, do I need to keep all equity ($150k) in the new deal?