Master/Master/Slave Replication
Using the topology you mentioned from the MySQL Documentation

Let's setup the first scenario
EXAMPLE IPs for Each DB Server

Master1 : 10.20.30.40
Master2 : 10.20.30.50
Slave_1 : 10.20.30.60
replication user is repluser@'%'
replication password is replpass

Make sure binary logging is enabled on all the Slaves
We will do the following

Promote Master2 to Master1
Promote Slave_1 to Master2
Demote Master1 to Slave1

Step 01 : On Master2, run the following
mysql&gt; SET GLOBAL read_only = 1;
mysql&gt; STOP SLAVE;
mysql&gt; RESET SLAVE;
mysql&gt; CHANGE MASTER TO master_host='';
mysql&gt; FLUSH TABLES;
mysql&gt; SET GLOBAL read_only = 0;

Step 02 : Move your CNAME/VIP to Master2
Step 03 : On Slave_1, run mysql&gt; RESET MASTER; FLUSH TABLES;
Step 04 : On Slave_1, dump the data
NEW_MASTER_HOST=&quot;10.20.30.60&quot;
MYSQL_USER=root
MYSQL_PASS=rootpassword
MYSQL_CONN=&quot;-u${MYSQL_USER} -p${MYSQL_PASS}&quot;
MYSQLDUMP_OPTIONS=&quot;--single-transaction&quot;
MYSQLDUMP_OPTIONS=&quot;${MYSQLDUMP_OPTIONS} --routines&quot;
MYSQLDUMP_OPTIONS=&quot;${MYSQLDUMP_OPTIONS} --triggers&quot;
MYSQLDUMP_OPTIONS=&quot;${MYSQLDUMP_OPTIONS} --master-data=1&quot;
MYSQLDUMP_OPTIONS=&quot;${MYSQLDUMP_OPTIONS} --all-databases&quot;
echo &quot;STOP SLAVE;&quot; &gt; MySQLData.sql
echo &quot;CHANGE MASTER TO master_host='${NEW_MASTER_IP}',&quot; &gt;&gt; MySQLData.sql
echo &quot;master_port=3306,&quot; &gt;&gt; MySQLData.sql
echo &quot;master_user='repluser',&quot; &gt;&gt; MySQLData.sql
echo &quot;master_password='replpass',&quot; &gt;&gt; MySQLData.sql
echo &quot;master_log_file='bogus',&quot; &gt;&gt; MySQLData.sql
echo &quot;master_log_pos=1;&quot; &gt;&gt; MySQLData.sql
mysqldump ${MYSQL_CONN} ${MYSQLDUMP_OPTIONS} &gt;&gt; MySQLData.sql
echo &quot;START SLAVE;&quot; &gt;&gt; MySQLData.sql
gzip MySQLData.sql

Step 05 : When Master1 comes back up, rsync or scp MySQLData.sql.gz from Slave_1 to Master1
Step 06 : Login to MySQL on the Master1 and setup it up to replicate from Slave_1
Don't worry about the real binary log filename and position.
Using --master-data=1 embeds CHANGE MASTER TO command with the real coordinates on line 23 of a standard dump.
You can see it with the following
less MySQLData.sql.gz | head -35 | tail -1

Step 07 : Load the data into Master1
MYSQL_USER=root
MYSQL_PASS=rootpassword
MYSQL_CONN=&quot;-u${MYSQL_USER} -p${MYSQL_PASS}&quot;
gzip -d &lt; MySQLData.sql.gz | mysql ${MYSQL_CONN}

Step 08 : Login to MySQL on Master1
mysql&gt; SHOW SLAVE STATUS\G

and Make sure Slave_IO_Running and Slave_SQL_Running both say Yes
EPILOGUE
When Done, the topology should be

Master1 : 10.20.30.50
Master2 : 10.20.30.60
Slave_1 : 10.20.30.40

DISCLAIMER
Please try this out on Test Servers before deploying to Production
GIVE IT A TRY !!!
Note: I would advise that you have multiples slaves

One for Nightly Backups
The others for load balancing SELECTs