One thing to think about is that if you're contemplating doing a 1031 and buying a $500K investment and then converting that into your primary you will probably make even less than you are now on the investment house in the interim because you'll be trying to get investment cash flow out of a property that isn't best suited for investment use.It can certainly work but I sense a lot of other concerns than just the desire for a $500K primary residence.A lot depends on your geography but one option would be to do the 1031 and supplement with cash from the sale of your primary and purchase $500K of investment property free and clear. 

Is this something that makes some sense or should I not even waste my time.

I know I am not the first person asking these questions, but here we go (and I apologize ahead of time if I'm not asking the smartest questions):-for anyone living in the Los Angeles area, does it make more sense to invest closer to home or out of estate?

It doesn't make sense to say, "I'm going to charge XX% because that's what ABC Management charges."

Does a reliance on appreciation come with the BRRRR territory, in that sense?

However, the area that I have moved to due to my job, doesn't have any deals that really make sense. 

If you don't know how, might make sense to partner up with another investor that has experience doing it. 

As far as your other point, house hacking is going to be my first priority (once it makes financial sense) for me once I'm finished with college next Spring.

This may reduce the overall down payment needed for the property but still make some logical sense as a rental.  

Ahh that makes a bit more sense as long as you have proper reserves you should be fine, you should probably do the math on your options and see which one is better for you, because it may differ based on what inventory is available at the time and/ or how much you save over the next year.