Should I buy a single family at the fairest price and convert a leasable space to still execute my house hack idea?

Make sure demand is present or you won't be able to execute your strategy and you'll end up wishing you had never bought the park.All the best,Jack

When you do a 1031 exchange if you purchase less than you sell or take cash from the sale it is considered to be taking profit.So if you sell a $100K property that is 60% leveraged and only purchase a $40K property using just your cash you will still pay tax on the other $60K you didn't purchase as if you took profit (or the full amount of the profit if less than $60K).So your plan if executed just like you're anticipating would leave you with a substantial tax bill. 

You need to talk with the attorney and seller to execute the wraparound mortgage. 

If you make an error you are paying the mortgage for your investment property out of pocket and its no longer an investment, its a nightmare.Once you have properly assessed the value of a purchase you are ready to make an offer... next comes being able to execute but, you can't get to execution until you figure out how to properly assess value.  

Invaluable information gave me the roadmap to execute. 

You set up a Single Member LLC  which will be the buyer on the executed contract with the seller.

If I couldn't, pass.It’s usually not a good idea to execute a voluntary agreement with the intention of violating that agreement.  

Meaning, if you DID need the rental income, you would also be required to have an executed lease on that one unit you were occupying that you are no longer occupying but instead renting. 

So if you do choose to get a purchase contract executed make sure that your "Third Party Financing Clause" gives you enough time to find this answer out.