When is a 1031 exchange negotiable?

Can you please clarify when exactly a 1031 exchange becomes negotiable? Is there a specific time frame within which the exchange must be completed, or are there certain conditions that must be met for it to be considered negotiable? Additionally, what are the potential benefits and drawbacks of engaging in a 1031 exchange, and how do they factor into the negotiability of the exchange? I'm eager to understand the intricacies of this process and how it can be Leveraged for optimal financial outcomes.