You are always able to refinance your property once you complete an exchange and thus gain access to tax free money in the form of loan proceeds. Most lenders will allow you to take 50-65% loan to value from your investment in refinance proceeds. You can also invest in properties offered by a sponsor, that have properties tenanted by major insurance companies or the US government with 25 or longer leases. You will receive shares in the building & can refinance up to 87% of the cash out without paying any taxes. Learn more.
Bottom Line: You are always able to refinance cash out of exchange investment property. That lets you have your cake and eat it to. A tax free sale and money in your pocket!