1031 Exchange Question

[Matt Lander]

Hi BP,

I've done a good amount of research of 1031 Exchanges but have one final clarification that I'm still unsure on. In the "Like-Kind Exchange", you are required to purchase the next investment property at the same price or great than what you sold your original property for. For example, if you sell the initial home for $200k are you able to purchase say 2x properties at $205k each, rather than just 1 property at $205k. Essentially, are 1031 Exchanges a 1 to 1 or can it be 1 to 2 if you meet the purchase price requirements for both properties? 

Appreciate all the help!