Are you looking to cash flow now or wait it out (with less cash flow) using a loan or owner financing? 

Assuming I could qualify financially (primary income plus FHA allowed rental income contribution from additional leased units), when I become the owner of the property, would that prevent me from using a FHA 203b to house hack a second property?

Using a commercial/DSCR lender means they typically don't need to be seasoned.

Using a bank is the cheapest option and highly recommended.

@Jack LittleThere are standard templates from Fannie Mae but I would have an attorney draft these documentsThey can be held (the lender) through a deferred retirement account but make sure you are using a third party servicer to collect payments

@Reuben WebsterIf you're out of state I assume you are not using a property management company. 

I had not considered using a law firm to help with a 1031 exchange.

I hate dark bathrooms and using a light in the middle of the day. 

Stay in the deal and continue as the party who pays the seller using a wrap.

Add $25 if new supply lines needed.Generally speaking, my cost is about 60% of the price of using a licensed plumber.