I recently closed on a refinance conventional loan, and rushed through the closing as we were trying to use the funds to finance the downpayment of a purchase deal.

I am closing this week on a duplex full renovated with 20k a year in rent, for all in of 80k taxes only 1200,,,,,,All the best 

With nearby parks and trails, close proximity to schools, restaurants, shops, and vibrant downtown Castle Rock, you're sure to feel at-home in no time!

To me, nothing about that prompts necessity for a double-close when assigning a property. 

What I have found as a common occurrence while researching and making models is that you really need about 3 acres to make boat and RV profitable and worth your time (depending on the value of land in your area and how close you live to it). 

What are my realistic options for a buyer backing out of a contract a day before closing?

Mississippi, like California and almost every other state, has several regions and sub regions and each has its strategies and gotchas and opportunities and watch-out-fors...that said, step one is getting boots on the ground in the town/region/holler that you can trust. 

Like you mentioned, be aware of the short-term rental regulations through the city but also pay close attention if there is an HOA.

Could I close on this new rental’s by using my own cash on the downpayment, and then retroactively use this property for that 1031 from the property I’ll be selling?

How close was it to the house?