1031 Exchange of primary residence - can it be done?

[Prithvi Sri]

I bought a home in bay area fifteen years ago for 750K. Lived there for many years and left to LA about 18 months ago and rented to someone as soon as I moved. I sold the property a couple of weeks ago for 1.65M and I am in the middle of escrow. The house is fully paid and there is no mortgage. I assumed that I am eligible for 500k capital gains exclusion which leaves me with approx 350K in capital gains. But I read an article somewhere that a primary residence converted to a rental property can benefit from both 500k capital gains exclusion as well as 1031 exchange. I don't need the money right away so if I can do a 1031 exchange to save the taxes on the 350K, I would like to consider doing it. Can someone who has done 1031 exchanges tell me if it is possible and if it is worth going through the pain. Thank you for your help.