Hello @bobcoenen ,
Great question!
Generally speaking, you can sell one type of investment property (rental real estate) for another type of investment property (land).
Both properties can not be owned for personal use.
The main item that you want to be aware of is that there is a specific timeline for when you sell your investment property and purchase the new investment property.
The like-kind-exchange must be completed within 180 days from when you sold the original item.
You also only have 45 days from the sale to formally identify the potential replacement to your qualified intermediary. The qualified intermediary is the company that maintains the records of the overall exchange.
For more information about Like Kind Exchanges, please feel free to review the following TurboTax website:
https://turbotax.intuit.com/tax-tips/investments-and-taxes/what-is-irs-form-8824-like-kind-exchange/L6UsQp15n
Thanks,
Sean