Selling Primary Residence and Rolling Into Investment Property?

[Austin Quick]

BiggerPockets Peeps,

Looking for some advice! I'm a 28 yr old real estate newbie wth 2 properties in Austin,Tx. 

I bought a condo as a primary residence roughly 4 years ago and moved out of it last year (so living in it 2 years out of the last 5 for 1031 exchange purposes). I'd like to sell and roll the funds into a larger (multifamily) investment property. I will not be living in the multifamily property.

I estimate that I'll have roughly $130-$145k of equity to put down. 

*Is there a penalty for moving the money from a primary residence into an investment property?

*Is there anything specific that you'd do with roughly $150k? Looking for equity/upside and ways to snowball my investment portfolio. 

Thanks for any and all input!!

Austin