So I sold a rental during this crazy market to take advantage of it. Failed putting the cash into another property via a 1031 (bidding against insanely rich people offering all cash is incredibly annoying). I have some of my own ideas on what to do with this cash but want to pick other people brains as to what to do with it.

Part of me wants to just sit on the cash until the market cools a bit (not waiting for the next 08, just drop back to a more normal market). The other part me says don't wait and just keep hunting for the next property even if you over pay (one because the cash isnt doing anything and two because inflation is actually a serious issue right). 

So, what would you do? Sit on the cash for a little while (6-12m) or over pay for a property now?