When structuring an exchange, there are two critical time limitations that begin on the day that the original property was sold.
A) 45-day identification period to locate a potential property.
B) 180-day period to acquire the property.

It is important to note that the identification period and the closing period do run concurrently and make no concession for weekends and holidays.
In addition to the time limitation, when completing an exchange, investors must also consider the value requirement. There is a general rule-of-thumb used in order to meet the exchange value requirement for full deferral treatment:
Any cash and/or debt received from the relinquished property must be reinvested into the replacement property. The only exception to the above is with the investment of new cash to replace any or all the dept received. Additional debt, while allowed when acquiring a replacement property, does not get an exchange to the value requirement if cash is withdrawn from the transaction.