A hundred years ago, most homesteads were quarter sections (160 acres) but frequently only a portion of that (perhaps 80 - 100 acres) was available for planting (the rest being consumed by ditches, sloughs, bluffs/shelter belts, farmyard and pasture).  

But if they are seeking to hold a property for any length of time and want their cash investment back there are some important rules to understand with conventional loan:If you buy a property with cash (or with a HELOC) you can receive a cash out loan on Day 1.There is not a 6 month waiting period with receiving a cash out loan if you purchased a home with cash or with a HELOCBUT you will be limited to the amount of....Your purchase price + closing costs (costs when you purchased the home)OR75% of the “After Repair Value”...WHICHEVER IS THE LOWER AMOUNT (super important)These rules are important to understand so here are two examples:Example 1: If you purchased a home with $50k of cash, and put $30k of renovations into the loan, and the home was worth $100k. 75% is $75k and $50k is your purchaseprice.

You pick the Midwest city and provide the numbers for one of the years listed and I will do the work for San Diego over the period from those listed above. 

Also avoid any deposits over 10k otherwise you'll have to source the funds and explain where the money came from (if still within the 2 months period), but if you wait 3 months then you'll be fine.

Is there a way I could buy a home, sell it, and use part of the equity to pay off school loans while using the rest of the equity towards another home?

Pressure is a great motivator.After a reasonable period of time contact the owner and inquire as to whether he is interested in selling.

Now in a 1031.I have a few weeks left on my identify period.

Once a good amount of time has been wasted during the inspection period, come to the sellers with the list and a realistic total estimate that you have for the repairs.

Specifically, I'm looking for a fixer duplex/triplex to owner occupy one unit and rent out the rest to start out with, something around East LA, USC, or midcity (not rent controlled), under $700k.

All cash, 100% of purchase price  as earnest money going hard on signing, short DD period, no DD period, no financing contingency, a track record of other deals in the area, and above asking offer.I have see all of these used on different deals.