Must identify the replacement property within 45 days of close of the relinquished property.
Must close on the replacement property within 180 days of the closing of the relinquished property. No time extensions.
The value of the replacement property must be must equal or exceed the value of the relinquished property.
All of the equity from the relinquished property must be used to purchase the replacement property.
The mortgage on the replacement property must equal or exceed the mortgage on the relinquished property.