It can definitely be frustrating.One thing I'd encourage your friend to keep in mind is that the tenant is a person and their housing depends on this process.

Pay the termination fee or stick with the original agreement.On the other hand, you may consider lowering your rate and encouraging him to stay.

I would encourage you to use the search feature of the forums.  

I encourage you to reach out if you are in or around the Brevard Florida area and in the real estate business.

All the while being coached and encouraged by realtors and even some on these forums to purchase that way.

Anyone else defrauded in any way is encouraged to start a NEW thread so the threads are so overwhelming it counters his relentless continuance to find new victims to scam to pay off the old investors.

There is more to this, but another thing I would encourage u do is ask some others for a local attorney that they trust.

Thank so much for the encouragement.

I'd encourage you to talk to a CPA before choosing a path.Since you are already an agent, the odds are good you could qualify as a real estate professional status (REPS) for tax purposes. 

@Jamie Singleton Very encouraging story!