As an exchange, the investor is required to provide a clear description of the replacement property on or before the 45th day after the close of the relinquished property. If you are planning to buy multiple properties, you must follow one of the given guidelines.
You need to identify three properties of any value out of which one needs to be purchased.
The second rule is that you can identify more than three properties, but the value of the property must not exceed 200% of the market value of the relinquished property.
The third one is 95% rule in which you are allowed to identify as many properties as you want unless and until you acquire properties valued at 95% of their total value or more.