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What are the time limits regarding a Section 1031 Deferred Like-Kind Exchange?
While a like-kind exchange does not have to be a simultaneous swap of properties, you must meet two time limits or the entire gain will be taxable. These limits cannot be extended for any circumstance or hardship except presidentially declared disasters.

1st limit: you have 45 days from the date you sell the relinquished property to identify potential replacement properties. This must be in writing, signed by you and delivered to a person involved in the exchange like the seller of the replacement property or a qualified intermediary. Notice to your attorney, realtor, accountant or similar persons acting as your agent is not sufficient. Follow the IRS guidelines for the maximum # and value of properties that can be identified. 
2nd limit: the replacement property must be received and the exchange completed no later than 180 days after the sale of the exchanged property or the due date(with extensions) of the income tax return for the tax year in which the relinquished property was sold, whichever was earlier. The replacement property must be the same as the property identified within the 45-day limit described above.