Can a 1031 exchange include 2 buildings that get exchanged for 1 building?
My wife has a business that we are planning to sell in the next few years, and we own the two buildings the business uses. I think the two buildings would appraise around $1.5M, we have some debt of around $450K between the two. One piece of debt is a 12 year old SBA 504 loan around $150K, the other $300K is with a regional bank. 

If we were to net $1M after the sale of the buildings, and we wanted to buy a NNN leased property, can we buy 1 property? And what price point should we be looking at for a purchase? 

We already own some residential real estate and a medium sized mixed use apartment building. Our state is very tenant friendly and I don't think I want any more financial exposure to residential tenants.

My other thought was to sell the business with a lease / purchase option for the new owner over 5-10 years. 

Appreciate your thoughts.
[{"id": "i487hfj", "text": "Yes you can 1031 exchange two buildings into one\n\nEdit: two buildings = multiple buildings", "replies": [{"id": "i49i8t7", "text": "I exchanged four into one. It took some doing.", "replies": [], "depth": 2}], "depth": 1}, {"id": "i487ye6", "text": "Yes it\u2019s possible and if you want to do it you should consult an attorney. It may require a TIC structure for the Buyer depending on how the two buildings are currently owned.", "replies": [{"id": "i48eys7", "text": "TIC with who? The tax basis is what's important.", "replies": [{"id": "i48jja4", "text": "My limited understanding is that if the 2 properties are owned by different entities then you should maintain their basis separately in 2 different entities that own the new replacement property together within a TIC structure. Certain lenders may also require you put the exchange entities underneath SPE\u2019s to avoid any prior liability issues. \n\nI just suggest OP talking to a real estate attorney to develop a plan that works for them.", "replies": [{"id": "i48jqsk", "text": "This makes sense", "replies": [], "depth": 4}, {"id": "i497m5e", "text": "Seemed like a simple question on the surface but the nuance you pointed out can make all the difference in the world.  Good on you.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "i49b8tl", "text": "I\u2019ve done this multiple times and no tic structure was needed", "replies": [], "depth": 2}], "depth": 1}, {"id": "i48b269", "text": "Yes you can 1031 multiple down legs into one upleg (and vice versa).\n\n1031 rules state you have to invest 100%\nof cash and 100% of debt in order to avoid taxable boot.\n\nSo, you would want to make sure you had at least $1.5M into your target acquisition with at least $450k in debt.\n\nOf course, with $1M in cash, you could take on more debt if the deal made sense. The lender would want to keep your debt load to 75%.\n\nSo, you should be looking at properties between $1.5M-$4M.", "replies": [], "depth": 1}, {"id": "i48oyvh", "text": "Yes you can. Make sure you set everything up with a qualified intermediary before you sell and be aware of the strict and short timelines for identifying/purchasing your replacement property. You might have do delay closing on the first sale to line it up with the second sale, reverse 1031, etc. Also, shoutout to Dave and team at the1031investor.com. I used them recently for two 1031s. They were very responsive and saved my bacon with a deal where the closing attorney managed to forget to tell them about the closing date till the day before", "replies": [], "depth": 1}, {"id": "i48tq7t", "text": "&gt;Can a 1031 exchange, can we buy 1 property\n\nYes.\n\n&gt;what price point\n\nThe price you sold your prior property for", "replies": [{"id": "i49v6w1", "text": "Minus \u2018expenses\u2019 right? If so, what qualifies as expenses (commissions, lawyer/title fees, doc stamps)?", "replies": [], "depth": 2}], "depth": 1}, {"id": "i49uy2y", "text": "I\u2019m in a similar position but larger scale. My Accountant &amp; Lawyer advised me to contract a \u201cqualified intermediary\u201d who specialize in &amp; will guide us through the 1031 exchange process for a fee.", "replies": [], "depth": 1}, {"id": "i4bb9t1", "text": "Yes, but definitely use a 1031 accommodater", "replies": [], "depth": 1}, {"id": "i4bsaqx", "text": "Yes of course everybody\u2019s telling you how to do that and there are rules to follow but yes you can sell multiple properties pull the money together and put it into one", "replies": [], "depth": 1}, {"id": "i4buwsm", "text": "Yea", "replies": [], "depth": 1}, {"id": "i4ca3d7", "text": "Sure. I did a one for two a few years back. No difference", "replies": [], "depth": 1}]