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!

[Alex Olson]

@Jeffery P. Might be hard to pull off. Factors that may help - sold off market, showing rental history of the purchase before and after, if you have a history of buying long term rentals. Other than that @Dave Foster can hop in here and give his opinion.