They will have to offer you a buy out price, I would calculate their rent to be $1400 recapture of the discount, and make them responsible for the unit until it's leased out for any minimum of what you are renting for it today and ask them to pay any tenant procurement fees due to their change. 

But you have no knowledge of what it took to procure that deal. 

Right now it is 1/2 month rent for tenant procurement and 10% monthly rent for management.

I recently finished reading The Guide on Rental Property Investing and have a hunger to procure my very first investment property.

Like procuring any service, test out at least three before picking one.

I am looking to get a HELOC in order to procure a down payment for another rental.

You could have her do those things, or at least offer to your realtor to employ her to do those things even though you procured the property.Congratulations on your new house! 

As far as your other question, I am concerned about my father's ability to procure a loan in the amount it would require for a 2-4 unit property in the locations we are looking at.

@Cole Britting I was in your shoes a few years ago and had a very similar mentality.

Perhaps you can procure new tenants as your existing leases expire, and get there quicker.