What happens if you sell a property on a 1031 exchange?

If I were to sell a property as part of a 1031 exchange, what exactly would happen? Would I be able to defer the capital gains taxes that would typically be due upon the sale of the property? And if so, how does the process work? Do I need to identify a replacement property within a certain timeframe? What happens if I'm unable to find a suitable replacement property? Are there any restrictions on the type of property I can acquire as a replacement? Additionally, are there any potential pitfalls or risks I should be aware of when engaging in a 1031 exchange?