Advice needed, buy property and hold until I sell mine

[Eric Johnson]

I own a $250k long term rental (10+ years nearly paid off). I would like to sell via 1031 and use proceeds to buy a $500k property I have identified to avoid capital gains. 

The issue is the seller of the $500k property needs to close quickly and I have just listed my rental. 

I have cash at hand to purchase the $500k property now. Is there a mechanism that allows me to buy and hold the $500k property with that cash, then re-purchase the $500k property using 1031 exchange proceeds from my rental when I do eventually sell it?

More backstory:

I moved 5 hours away from my rentals and want to sell those properties and purchase new local properties.  This particular new property has a small house on 5 acres that I plan to subdivide in the future (1-2 years out) then build either spec house or long term rental on.