What are the rules of the 1031exchange?

[Jeffery P.]

Good day my fellow investors. Would anyone have advice or insight on 1031 exchange policies? Scenario: Acquired a rental condominium 12/21. Placing it on the market 01/22. I would like to take the profits and purchase vacant land to be used eventually as Home/Airbnb. Is a 1031 exchange even possible in this scenario? If not what other creative options are there to not get crushed with STCG tax? Thanks!