I was wondering if a manufactured home would be an economical and profitable solution. 

However, consider STR seasonality, local regulations, and management demands, and ensure your equity loan and new primary residence costs fit comfortably within your budget.

Has it been your primary residence for 2 years or more?  

Also be open to knowing that you are acquiring a series of problems.You're in the solution business. 

I am going to assuming it's a nice house if it was your primary residence and it's in a nice location. 

I am a complete rookie to the real estate scene, I am looking to house hack for my first residence out of college.

We were able to get into it with a 5% down primary residence loan.

Yes, the intention is to build a primary residence for my family to move into. 

Once the rehab was done I refinanced out of the private loan into a conventional loan as a primary residence.

I buy homes as a primary residence with 5% down and move into them keeping my previous as a rental and the area that I live doesn't have new builds that would work for us, otherwise I would buy a new build.