Large War Chest $750k - Limited Time to Maximize the Opportunity | HELP Requested

[Sean Besselman]

BP team - I have 14 months to properly prepare and plan a massive deal via 1031 exchange to spend $750k.  I will provide as much information as possible, happy to provide more in the reply's.  

FINANCIALS:

We will be selling our farm for approximately $3.25 million (this is 50/50, could be as low as $3MM and as high as $3.5MM) and we have $2 million invested in the property (house, barn, 46 acres, million $ view). Capital gains dictate $500k is maximum w/o penalty, so we will break off the land into my LLC (using my CPA's guidance). Meaning we sell the home for $2.5 million (maximizing the $500k we can grow w/o tax penalty, leaving ~$1.2 million for my new home/property after fees and loan repayment), and the remainder of the profit (~$750k) will need to be 1031 exchanged. This means I will need to move my family of 6 while simultaneously finding a great investment property to 1031 (45 days to identify/180 days to close) and try to find a place for my family to live at the same time. We are comfortable living in a short-term rental until I find the right property to build a new home (as previously stated, I own my own construction company and will build my house as a general contractor). I also know how to structure my selling timeline to extend that 1031 window if the buyer is flexible on closing dates. However, my concern is how to effectively spend ~$750K via 1031 as a first time REI without A.) making an unwise investment because I'm rushed and relocating my family of six and B.) Where to spend it (mobile home park, apartments, MFH, SFH etc.)

HELP:

Any advice on how to effectively spend that $750K would be greatly appreciated.  As a first time investor, we have been reading and studying nonstop.  We are willing to take a loan if needed (seller finance would be great), would prefer multifamily or apartment but open to all thoughts.  At the end of the day, we have always had time to effectively plan for large changes and I'm concerned I don't have enough of a plan. I am 14 months from needing a solid transition plan, with no ability to presell the plan (no leverage or financing is available until sale of my property).  Please help!

[Sean Besselman]

@Dave Foster thank you for the input. I know I'm blessed to have this "problem". Agree with you on all points made. 

I would love to understand, as a first time REI - how to best identify a property that will have cash flow and positive cash on cash return (or even what kind of property)? Should I look to investors in the area to identify a deal? I hear people with success direct mailing and cold calling, finding off market deals. I just don't know if those tactics can work in a huge time crunch. Anything on the MLS is wildly overpriced and won't cash flow.

Starting my REI with such a large number wasn't my intent, but is the right thing financially for the long term. 

Appreciate your input.