1031 Exchange? Can I sell my second home and use the money gained to purchase a piece of land?

I intend on selling my second home, netting approx $100,000 cash and buying a piece of land in which I'd like to build a second home on. The land costs $130,000 and I plan to finance the rest. The land will sit for approx 2-3 years until I build another home on it. Is this going to be ok? OR, do I have to buy an already established home?

Public Comments

1. I believe the law states a like property or better so my opinion would be no.
2. 2 or 3 years exceeds the 1031 exchange guidelines. 180 days through a reverse 1031 is the farthest you can go out i believe... http://www.choicefinance.net/mortgage-articles.htm#1031