$380K in equity - first time investment question

[Ariele Aaron]

Hello! I bought my first property in 2011 for $230k for 0 down using the VA loan. For the last 7 years, I've rented it out so when I sell it I will have a significant amount of capital gains tax. The property tripled in value over the last decade and now I want to sell it to purchase something else using a 1031 exchange to avoid the capital gains tax. I was thinking of buying a property that's local to me in the Research Triangle area for all cash that way I can own it completely and use it as a rental property, banking in on monthly rent since this is the area I have lived the past 2 years and know it well.

I am still a newbie at investing, and I just would like to know if this is the best strategy or if there are other better strategies out there. My husband and I are both veterans and I'm wondering if we could also purchase another property later on using the VA loan in addition to buying the investment property for all cash.

Thanks in advance!