We need to first answer the question you haven't asked: What is your cost basis for calculating your capital gain? The cost basis in inherited property, for tax purposes, is the fair market value (FMV) on the day of death of the previous owner. It doesn't matter how much your parents had invested in the property or how much depreciation they claimed over the years.
It's unlikely that you will have a capital gain, selling in the same year you inherited the property. After deducting the expenses of sale (e.g. realtor commission), you will most likely have a deductible capital loss.
That said, the only way to avoid a capital gain on the sale of investment real estate is a "like kind exchange" (see reference at SweetieJean's answer). A like kind exchange requires that a very specific procedure be followed, involving a coordinating agent. It's not just a matter of reinvesting the money.
