btw, taking cash out of the original property before the 1031 exchange or taking cash out of a property after a 1031 exchange can raise the risk of an audit. This was the theme presented in a seminar I attended a few years ago. I think the advice was conservative. Wait a year or so to pull cash out. You could probably get away with and immediate cash-out refi, but of course I'm not on the hook if the taxman comes to your door.
