We performed a cash out refinance 6 months after purchase.

Slightly under-performing in my opinion, but have have plans to increase these #'s this year (July 2019). 

I am performing my first 1031 Exchange with this one and hope to split the proceeds between 3 new rentals, or 1 small (2-4)multifamily.

I would borrow off the properties that are least performing..

. - offer a short-term strategy for them to fund your long-term hold.You can offer 8-11% on their money for a medium term loan (maybe 12-36 months) so you can perform a cash-out refinance through conventional or commercial means after the property has been renovated.

I am not familiar with your region and how the mini-split systems perform, but if the insulation is good and the units are not too big they should be a good alternative. 

All 3 numbers in reference to a benchmark (their average), so you can see if your property performs below or above the benchmark.

I’m not a tax professional, but it feels like you could purchase the land using the 1031 exchange and perform the subdivision.

I think what he is proposing is that some really run down parks will give up their abandon home rights in return for clearing up the back rent and a promise to rehab and sell the home to someone else approved by the park as the new owner with the hope they will perform better than the previous tenant who fled and abandoned the home.

The best approach is to hire a full time onsite management team that is experienced, and capable of performing all the duties of management, home sales, managing maintenance and repairs, and the implementation of software systems and processes that will eventually have the park running like a Swiss watch.