The other comments are correct though, being completely devoted to your primary business is probably best.

With this said, how does this plan sound so far?

Are there other issues like lack of venting, S-traps, etc which can be corrected without a complete replacement.

They will have templates for this stuff and complete the promissory note and DoT for you if you use them to close on land.

We are closing soon on a multi use building, we plan to live in the apartment but it needs a complete rehab.

If you were looking to house hack I would recommend finding something that you could rent the top out as an air bnb (STR) and live in the basement with a completely separate entrance. 

In a reverse exchange we (the qualified intermediary for the 1031) takes title to the new property and can hold it for up to 180 days while you get your old property closed so you can then do a regular exchange selling your old property and taking title to the property we are holding.They sound great and can be. 

@Mark WalkerI'm going to sound like an attorney.

Very little here goes to sale and sale completed with a mortgage. 

I can easily afford the NOLA mortgage while living there but was hoping to rent out the property after the project is completed.