Tax advice on complicated family gifting

[Andrew Hyder]

I am looking for advice on a situation I am in. I just want to preface this that I am not gloating or bragging in any way shape or form here but seeking real advice. 

My parents have a second home they purchased several years ago that has appreciated really well. They want to sell it and gift the proceeds plus what the put into it to my wife and I to purchase our first home. Obviously we would like to pay as little as possible in capital gains tax so we are wondering the best way to go about doing this. Can we do a 1031 exchange between two different parties (my parents and myself) or does it have to be same owner for both properties? The profit/proceeds will be roughly around 100k and we will have a total of $300k to put down on another home. 

Any advice here would be much appreciated, thank you!

Andrew