I imagine cost of labor might be a little bit cheaper in Idaho compared to Connecticut as we ended up paying 10k for gas furnace and 5k for AC with 10 yr warranty for Lennox product.  

There are always private money lenders there and people who will partner up on a deal.

With 30 years of residential construction experience and having built several homes in the past few years, I bring a strong foundation in project execution and quality craftsmanship.Right now, I’m seeking lenders to help me unlock home equity for property acquisitions and to expand my portfolio.

You set your own payment terms with YOUR client and then find funding for them.The Capital Syndicate is a private lender firm that offers financing through their own company, but they also provide you with a list of about 150 other private lenders. 

A HELOC or home equity loan on your personal home could be a viable option to fund the rehab, but it's always a good idea to chat with a lender to explore all your options and find the best fit for your situation.

I don't know their fee breakdowns, but I can send you over a few to compare fees.Preston Garcia

I was comparing large cities to other large cities.  

Bought it for $300,000, it appraised for $375,000, and the gross rent is $2,625.My lender only lets me pull out 80% of the purchase price right now. $240,000.

So before dismissing your options, you may want to consult an investor friendly Lender who is an out of the box thinker.

So even if you had a buy out agreement negotiated up front and execute that buy out agreement, the bank would still require him to be guarantor unless something drastic changed on your side financially.The best scenario here would be to purchase and rehab the property using a hard money lender or bridge lender.