You could also try to change the structure of the lease with a base rent plus bonus rent to landlord with annual sales over a certain gross number.Remember there is the location quality itself, the building design and quality of construction fit and finish, the parcel layout and parking ratios, any junior or large back anchors close by, the sightlines, the access, the traffic counts, and on , and on for valuation.

Hint at it, dance around it a bit, and see who finishes the thought with "Aha!

Numbers.....Purchase $45kRehab $~50kARV Appraisal $180k-230k (depending on finishes.. per appraiser)Rent $1100-$1250We have done higher end finishes throughout to attract a quality tenant/buyer.It qualifies for the 1% rule and would cash flow fine, but would you hold this one?

So he asked for $20k so he could have a cushion and said they would finish in 30 days and list the house before the winter market, and I would receive $5k when the loan was paid off no later than February with a daily interest charge after that.  

Our short term goal is to finish this current project well so that we can purchase another deal this year.

You could also move to short term accommodations while you finish saving. 

I'm thinking of buying a place in another state and officially making it my "home" (for tax purposes, for homeowner write-off, etc.) but the majority of my income will be from Idaho and my son will finish high school here. 

I assume people are going to want rental-grade finishes, so your budget should be enough for the down payment, enough for reserves, enough for rehab, enough to cover costs when you don't have a tenant, etc.If you have $12,250 saved (3.5% of 350k) and THATS IT, I'd argue you are still nowhere near ready for a property like that.

the house is clean finished and the tenant lives there want to stay.

.#2 Explore Lowes and Home Depot to Learn About Material PricingTake a tour through Lowes and Home Depot (or their websites) and look at finishes materials and fixtures that you will consider using in your rehab projects.