Condominium Deconversion Tax Implications

[Aashiq Dheeraj]

Hi All, 

My primary residence is a condominium that may be "deconverted" into apartments. There is an institutional investor looking to purchase my entire building, and if 75% of residents agree to the sale, everyone must sell.

I would have substantial gains due to the outside of market purchase price. I purchased my property less than a year ago, so I do not qualify for the 121 exclusion.

One idea I had was to move and rent out the property. I was hoping it would then qualify as an investment, and I could do a 1031 exchange. 

Is there a minimum time that one must rent out the property to qualify for this exemption? Does anyone know of other techniques for deferring taxation on this gain?