You shouldn’t be that tight in funds that a month is going to hurt your ability to pay the mortgage and expenses .

Your MIL might consider a tightly structured Joint Venture with a local developer as an alternative.

@Jonathan Cox, 350 sounds a little tight, as you are going to have other expense that are associated with that (as you may know).

Your margins are slim as the numbers run tight. 

After she/he moves out, follow your state guideline for deposit dispensation, the deadline of which is likly triggered by the latter of the tenant moving out or the lease ending date.  

Do funds invest in portfolios that already have assets or does the fund, fund acquisition and are they nimble enough to fund tight timelines (weeks instead of months)? 

But that is very tight...we just bought a very similar property but were doing a 1031 with considerably more capital...I dont know everyone says dont wait for a market shift to buy but i dont see how it makes sense to keep investing unless you have a ton of capital...

Inventory has been consistently tight and dropping the past 3 years. 2018 was brutal with low inventory. 

If they redeem after I do all those things, but prior to the redemption deadline, am I out all those costs or will they get rolled into the redemption amount?

@Scott Simpson, that margin is too tight for me.