A sale + reinvestment does not qualify
You need to exchange one property for another property. This is generally done through a third-party intermediary.
You cannot execute a like-kind exchange you sell your property and receive the funds so be sure you have your third-party intermediary set up before you close on the property you are selling.
Do not do a like-kind exchange if you are going to realize a loss on the relinquished property
You would be better off recognizing the loss, receiving the funds, and purchasing the new property.
What property is eligible?
Complicated answer but only real estate.*
*"Real property" is a term of art and IRS has issued many pages defining what does and doesn't qualify, but generally speaking, only real estate & land qualify for deferred gain treatment.
Furniture, fixtures, and equipment do not qualify.
Property must be used for business or investment purposes.
Personal use property does not qualify (e.g. main home)
Time Limits
There are two deadlines in a like-kind exchange:
You must identify the new property within 45 days
You must close on the property within 180 days