Is there an automatic way for a secondary member to promote to primary member in a replica set? Here is my setup:
Node 1 = 10.1.0.1 (Primary) - priority 1
Node 2 = 10.1.0.2 (Secondary) - priority 1
Node 3 = 10.1.0.3 (Secondary) - priority 0

In the event of Node 1 failure, Node 2 will be set to Primary of the mongo replica set.
Once Node 1 is already accessible, is there a way to automatically promote it to Primary and Node 2 will be set to Secondary again once Node 1 catches up on the replica set?
The main factor here is the Replica Set Elections.
Replica sets use elections to determine which set member will become primary. Replica sets can trigger an election in response to a variety of events, such as:

Adding a new node to the replica set,
Initiating a replica set,
Performing replica set maintenance using methods such as
rs.stepDown() or rs.reconfig(), and
The secondary members losing connectivity to the primary for more
than the configured timeout (10 seconds by default).

I think this is what you are looking for:
rs.stepDown()
instructs the primary of the replica set to become a secondary. After the primary steps down, eligible secondaries will hold an election for a new primary.
Another option would be that you can force a replica set member to become primary by giving it a higher members[n].priority value than any other member in the set. Note that a majority of the configured members of a replica set must be available for a replica set to reconfigure or elect a primary.