Cashing out of high gain home

[Russell Sherman]

I would like to get opinions to help me determine my best financial options.

I am 59 and last year was forced into retirement and also got divorced.  My settlement was a single family home I purchased for $295,000 in the 1990’s.  The last 8 months it has been rented for $4550.  I just received an out of the blue offer to sell for $1.5M, which is a reasonable offer for the neighborhood.

I hate being a landlord and would like to sell but don't know what to do with the money. I can take $250,000 exclusion and 1031 the rest into…. what? DST's? 721/upreits? Mineral rights? A turnkey rental? the options are overwhelming and every advisor I ask gives conflicting advice - I suspect they only know what they get commission on.

I would like $5000 month income after banking the $250k.  I don’t want to risk the principal.  Am I better off just paying the capitol gains and banking the rest?

Finally, I had a property manager but found them creating false repairs and fired them.  The sale of the house is about 2/3’s of my wealth.

thoughts?.