Seek out a Transactional Lender for this scenario, you'll be able to get funding for the first transaction keeping them both separate. 

If you are at 1m and cap gains and do not yet have a tax professional on your team, I'm sure you have plenty of areas that could get you waaaay more money back from the IRS every year 

What innovative strategies are real estate professionals using to minimize capital gains tax on property sales?

For example, I invest personally in multifamily real estate and do real estate professional status.

The motivation behind this endeavor is to mitigate the overexposure of my investment portfolio to index funds and the stock market, seeking to establish a diversified foundation with the inclusion of real estate assets.Given that this marks my initial venture into real estate investment, I am eager to dip my toes in the proverbial waters and assess whether I possess the aptitude for this venture.

Most of our buyers are more concerned with COC or cash flow vs Cap rate, but this doesn't look out of line for our market with professional management factored in. 

As always, consult a tax professional for your specific situation. 

On time, called to confirm. polite, professional.

I want to be appropriate and professional, so its great to get your feedback. 

Technical professional working full-time ready to return to real estate investing.