Whereto hold RE profit frm sale while searching fr new investment

[Brian G. Bump]

We are negotiating selling our rental home to the current tenant. We have lived in the home 2 out of the last 5 years(owned it since 2003), which should prevent us from paying capital gains taxes. The goal was to keep this as a long term rental for cash flow in retirement 10-15 years from now however, our housing market is hot. Demand is high and supply low. Multiple offers driving many homes up 20% from original listing price. Kids entering college and my wife and I are looking at sunnier locales to split our time when we retire. Rethinking our long term rental in rainy SW Washington State and looking at investing our profit from this home for a retirement home in Arizona or Nevada where we have family. We would rent it either long term or STR until we retire.
We could see $250k-$300K in profit from the sale of the rental. Where would you recommend investing/holding the profit from the sale while we hunt for a retirement home?