Depending on the property location and what amenities/resources are nearby, it could be a good option for an MTR situation as you are contemplating. 

A 1031 has a definitive time frame and you may not be able to find another property that meets your criteria in that time frame depending on location. 

We live in a very intersting, diverse, and complicated market and understanding the intricacies is very important - especially for a new investor.Markets in the same zip code even have their own submarket and tendancies depending on location and its important to look at things hyperlocally in philly.

Small lots in a prime location? 

Your location may also play a factor in this.

I’d like to go faster but my team is busy with other projects at different locations.

Live in new home while it appreciates for 10 years until I get a faculty housing spot, sell private market house, put proceeds (minus downpayment) in bank for retirement (I estimate this will be 1.3 mil before capital gains and real estate fees based on 7% growth in a very desirable Southern California location), and take out new loan for lower cost faculty housing.

With you being an out of state investor, I assume based off your Denver location, it is vital that your property manager does their due diligence beyond just getting a rental verification.

Developer I hired was located overseas and every time I asked for reports on work done made an excuse about going off due to national holidays.

The buildling is in a good location but it needs some work.