Cash out and pay taxes?

[Drew Y.]

I am looking for some advice about what to do. I would like to sell a rental property that has appreciated from 108,000 to around 295,000. It currently rents for 1,250 monthly and has no loan on it. Its in northern california and I would like to stay local if possible. 

However, looking around the market, I don't see much opportunity currently to deploy the assets into a 1031 exchange that would give me similar yields on my original investment. However I would like to take some risk off the table as the housing prices have moved beyond their all time high, but I don't want to pay the tax man yet. Any advice on how to reduce the risk while not getting hit with taxes, beyond the standard 1031 exchange?