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.

[Andrew Hogan]

gotta love the tax-basis step up @Steve Vaughan! Hopefully that rule stays the way it is.

@Monica Marker many real estate syndications have a 3-7 projected hold. They tend to offer greater diversification and lower down-side risk if you're with an experienced group. Then when it sells, you can cash out, buy your dream home, and hopefully have some leftover to keep playing with tax efficiently  :) 

It's easier if you qualify as an accredited investor. Those offerings are called Regulation D 506c, if you don't qualify, there are still some groups that offer what's called a Regulation D 506b and allow up to 35 "sophisticated" investors who are not accredited.