5498 exchange and investment properties

[Jesse Snell]

Own a condo in Boston and because of a resident tax exemption the city is now eating up majority of my cash flow (700 a month). I’m thinking about selling it but not sure about a 5498 exchange into another investment property and if it’s allowed or would I have to roll it into a primary residence. Here are the details on the unit

The unit rents for 2600 a month currently

have around 200k in equity give or take

Have Heloc for 165k...owe zero dollars and was thinking about leveraging it for another property.

It’s a older building and the association is messed up which is a major consideration for selling. I would rather have another two or 3 family that is mine and mine alone. Any recommendations and guidance would be appreciated, thanks.