1) Both properties must be titled under the same persons name
2) The second investment property must replace the value of the first property
3) The purchase property must replace the debt of the first
4) Must use all the proceeds from the first investment property towards the purchase of the replacement property
5) Must exchange for like-kind property (or properties)
6) Replacement property must be identified with 45 days
7) Replacement property must close within 180 days