I am looking for advice on investing in mitigation bank land within California. 

That’s how you mitigate vacancy - by getting the right tenants in place !

Again helping mitigate the perceived risks of the 1031 timelines.4.

That way you mitigate any market risk by buying when it's low, buying when it's high, and buying in between.As long as the property cash flows, I really don't care what the value of the home does. 

Multi families are the way to go from a mitigating risk standpoint (more doors = smaller risk per door), but more doors also = more tenants which CAN (not always) lead to more problems, just something to keep in mind.

Build in risk mitigation and move forward, don't make financial strategy around nostrodomus.

I know that is not what I want to do, but I think it mitigates some of the risk if that is what you were alluding to.   

I'm curious to know if they've built in any clauses to mitigate a non-owner occupied investment.

Plus I like the tangibility of something physical..I'm interested in learning how to structure deals (optimal legal entities, tax implications, risk mitigation), financing options, and have some familiarity with this on a high level (albeit in a corporate and and global context).

But I was wondering if it's possible to use both of these strategies to mitigate the tax burden.