Borrow against a 1031 replacement property?
I purchased my first home back in 2009 and I now own it outright. After moving to a bigger house in the suburbs, I turned my first house into a rental (actually, an Airbnb, but either way, it was at that point an investment property, correct?).
I now plan to sell that home and use all of the proceeds to purchase one or two SFR. How long before I can borrow against the equity in those houses?
For example: For easy math let's say I get $1mil for my first home and I 1031 exchange the proceeds to purchase 2 replacement properties each for $500k. Could I borrow $400k against each one without undoing the tax benefits of the like-kind exchange? I'd like to use that money to buy other properties kind of like BRRRR but with a 1031!
Thanks as always BP community for your thoughtful advice!