And then have equity to make a second purchase - but this time without the constraints of the 1031 timelines.

Agree that it is better to stop the bleeding, rent it at the lower rent with a term to end in a hopefully more favorable renewal time.  

Renting it out now could help cover the mortgage, and you’d benefit from any appreciation over the next two years.

There is a great group of members on here to connect with.

Any tips on structuring this with a secondary loan or financing approach?

Once you get more experience you will find plenty of other ways to find financing.

As mentioned in the initial post, I am still new to all this so any insights help!

Everyone's situation is going to be personal, so take any and all advice you get here with a grain of salt and weigh your options on what best hits your goals and lifestyle.

I'm considering making this property into more of a mid term rental as an interim spot for people that may have experienced a flood, fire or are moving or renovating and need an interim space. 

You can probably get a policy through them with a carrier like Lloyd's of London.