To do a 1031 exchange, you need to follow a specific process and timeline. First, you need to identify a potential replacement property within 45 days of closing the sale of your relinquished property. You can choose up to three properties, as long as their total value does not exceed 200% of the value of your sold property. Alternatively, you can choose more than three properties, as long as their total value does not exceed 95% of the value of your sold property. Second, you need to close the purchase of the replacement property within 180 days of closing the sale of your relinquished property, or by the due date of your tax return for the year of the sale, whichever is earlier. Third, you need to use a qualified intermediary, also known as an exchange facilitator, to hold the proceeds from the sale of your relinquished property and transfer them to the seller of the replacement property. You cannot touch or control the money during the exchange period, or you will lose the tax-deferred status. Fourth, you need to ensure that the replacement property is of equal or greater value, equity, and debt than the relinquished property, or you will have to pay tax on the difference, known as boot.