Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

I'm wondering, however, if that's my best first move, or if it makes more sense to keep renting and spend my $40K savings on a deposit for a triplex or quad in a place like Cincinnati where it's much more affordable and up-and-coming? 

According Grant, whatever you normal realistic goals are multiply them 10 times (10X ) then figure out, how you can achieve them.3 Walk the WalkYour daily activities & actions must match your goals, if you have aggressive goals, you need to have equally aggressive daily activities & actions to match your aggressive goals.Goals are just wishy washy, talk the talk unless you back it up with aggressive hard work & be willing to walk the walk.You need to work hard & smart, it is not uncommon for successful people to work 60-80, 100 hours a week to achieve their goals.4 Develop Great habitsHabits are routine things you do daily basis without too much thought process.

I am also worried that the one month sec deposit won't cover any lost rent or potential damages if she moves on overnight.

Hey I know that the lease agreement packages is provided here on BP, but how and where do you go to find a basic format for other  landlording forms(acceptance or denial letter, deposit to hold, etc?)

Sounds like that old claymation show "Celebrity Death Match" :P 

Here are the details:Relinquished Property Sale Price = $310,000Closing Costs = $25,000Mortgage Payoff = $35,000So, after the two transaction costs listed above, we'll walk away with $250,000 deposited into the QI fund.That would be 1/3 of the new property cost, roughly equivalent to the value of the investment portion...or does the investment portion need to be equivalent to the actual sale price of the relinquished property--in this case, $310,000?

Having rental history via a schedule E in your tax returns would help, but an executed lease agreement and proof of security deposit and/or rental income received should suffice. 

Price should almost always match condition and location when it sells.

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.