(Perhaps marring a wealthy woman with NW over $1MM excluding primary residence will be the quickest ...LOL).

Might want to exclude the potential RV income and if you like the deal without it, have that be something you work toward better understanding/treat as an added bonus if/when you get that income.If this is something you really want to do, no one is stopping you but you may want to get more familiar with the area (which you may already be--just assuming not since you're moving here) to get a feel for the rental demand of that specific area and fully understand why you would/wouldn't buy there.

If it was a personal residence and you lived in it for 2 out of the last 5 years, you can exclude a portion or all of the capital gain on the sale of that house.Another reason to sell is that property may make a great personal residence but a lousy rental property.

The facts are that the arbitrage units bring home profits of over $1000 per month, while the equity units are somewhere between $500 - $1000/ in profits (even excludes management fees).  

@Jose Centeno you need to remember that cap rates are calculated EXCLUDING debt service.

One other important thing to note is that the more money you add to the upleg (including financed money) will be added to your basis.The 1031 not applying to "1245 (personal property)" is not as clear cut as Scott put it.The recent tax reform, ruled that 1031 exchanges can apply only to real property, to exclude personal property.

What dogs do you exclude?

They have their formula based on features, functions, HUD market, family size, expected tenant contribution, and what is included/excluded.

Basically, look at big giant SFRs, way bigger than what you need, and turn your imagination to the "on" position (as an owner occupant, you are allowed to do things that a non-occupant landlord cannot do, automatically excluding them from being your competition on these).

Some municipalities specifically exclude basements as living areas.