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.

[Matthew Crivelli]

@Eric Johnson

You have to contact a 1031 exchange intermediary BEFORE you sell your property and you have to use the proceeds to purchase the new property. If you buy the new property with cash prior to the sale of your rental you wont be able to use the 1031 exchange and will be hit with the taxes.

First thing you need to do, find a 1031 exchange intermediary before you SELL.