But seller still making a substantial return.

What I would say, is one of these area's is lacking compared to the others, that will substantially hurt your market value, especially as today's buyer gets more picky. 

Seeing that's its 6 units and commercial, if the owner is willing to hold a substantial amount, there are commercial lenders you can work something out with...although, It would be easier if you put down at least a bit towards closing. 

Rates have risen substantially in the last two quarters, but are still very low by historical standards.

Then when your building naturally appreciates, or if you force the appreciation, you can refinance it in a few years and eliminate the PMI which can create substantial increases in cash flow. 

The options I'm considering are: 1) buy a small commercial lot to develop into RV/tiny homes etc. (1031)2) buy multiple small homes to be rented either short or long term. (1031)3) Should I buy the above options as cash only or extend leverage w/ partial 10/15 year mortgage. (1031)4) hoard cash and pay 20% capital gains and re-deploy once the market has cooled down substantially.5) hybrid of the above options.6) something else entirely.Thank you much for your time and any guidance you may have with helping develop a strategy for my next steps!

The good news is that the property has appreciated substantially over the last few years and I also have a 70% equity position in it. 

This will increase your work but will substantially increase your cashflow. 

So while the drop may have only been 5 percent in visitors, the impact to rental cabins was much more substantial.  

Time will tell if developers, builders, and other stakeholders can eventually add enough supply to make a substantial market impact.Not only are housing prices in the Austin metro at record highs, we also have mortgage rates up nearly 3 whole points from where they were 12 months ago, sitting at a near 15 year high:These rates have effectively made Austin metro real estate even less “affordable” and forced many buyers to change their search criteria or drop their search altogether.