1031 exchange funds into a vacation home/rental

[Stephen Jones]

BP,

I was hoping someone could answer a quick question for me. I have a large multifamily rental portfolio. Let's say I wanted to sell one of my 8 units and exchange those funds in a 1031 into a vacation home/rental (my portfolio is in the midwest). Am I able to do that since it's technically a "rental property?" Obviously I am trying to defeat capital gains here, but my wife and I wanted to start searching for a vacation home here soon and would prefer this route if possible. Any feedback would be greatly appreciated! Thank you!