How do I qualify for a section 1031 exchange?

I'm interested in understanding the qualifications for a Section 1031 exchange. Could you please explain the criteria that need to be met in order to be eligible for this type of tax-deferred exchange? Are there any specific types of properties or transactions that are excluded from this provision? Additionally, what are the potential benefits and drawbacks of pursuing a Section 1031 exchange, and how does it differ from other forms of investment strategies?