The Basic Rules
I. Like Kind Properties
The relinquished property and the replacement property must be (1) held for investment or (2) held for productive use in your trade or business.
II. Exchange Values
The investor must exchange into a replacement property that is equal or more in total price and equity than the relinquished property.
III. Time Limits
From the closing date of the relinquished property, the investor has up to 45 days to nominate his replacement property and 180 days to complete the exchange.