Sold $300k piece of land that I inherited. Now what?

[Monica Marker]

I recently inherited and sold a vacant strip of land for $300k. I do not have any other assets and I do not own a home at this time (I rent). I am hoping to capitalize on a 1031 Exchange and thinking of buying an apartment that I rent out, or whether I should settle myself first. My goal is to generate passive income and build equity so that I can purchase myself a larger home in the next 3-7 years.