Tax deferred transaction between personal and investment property

[Michael Wolffs]

I own a personal residence with A LOT of equity.  I'm single, so if I sell it I can avoid tax on $250K of cap gains, but there would be significantly more than that.  If I sell the property, and roll the proceeds into a large mulitfamily that would cost more than the gross sales amount of the residence and absorb all the cash coming out the sale, can I defer the entire tax liability of the sale?  Would it matter if I subsequently lived in the new property or not?  If allowed, would this be considered 1031 exchange and have to be performed under the 1031 rules?

Any information appreciated.  Thanks.