if your FIL  does not mind  I bet most folks on this site would advise you sell .. 1031 if you canand roll that up to a bigger income producing property. 

As you know got to be in it to win it. 

Best bet is to have an attorney look over the contract in its entirety so you can get the best advice.

You will need to learn what price to offer and how to make it a win win for all parties. 

Also, you can bet I have absolutely jotted down those resources in my collection, thank you! 

With an appraisal contingency and a 45 day close you have a worse offer than a 10% down second home buyer that can close in 30 days.The best way is to call listing agents in your area -- ask them about deals that JUST closed and ask about what made that offer win. 

Everyone starts with no experience of course and those that have completed deals are a much safer bet than those working on their first. 

And you could refinance into conventional, to free up your VA entitlement... great, so you're "free" to pay another VA funding fee.For your scenario, I'm guessing the best bet would be to leave your VA loan in place, get a HELOC, and boom now you have 20% down, and can once again buy with no PMI, except this time you also will not have that VA funding fee.

These are all wins for me and they give the tenant several option so they don’t feel like i am being unfair

Win-Win situation if it's not mandatory that I provide it.