There are specific rules about the types of property that qualify for a 1031 exchange. The remainder of my answer is predicated on the assumption that this property qualifies.
It is possible to do a "reverse" exchange in this situation. This type of trade has been created to deal specifically with the conditions that you have described. You MUST use an intermediary and you MUST follow the rules for it to work. If you want to pursue this, you need to meet with a knowledgable qualified intermediary ASAP.
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