If he didn't want it or can't afford it, I would have reward him with 60 days time to find another place, then find a new tenant that can pay what it is worth….  

I want to make sure that both of us feel like the deal is fair and equitable for the risks and rewards involved.Any guidance on how to approach these key questions would be greatly appreciated!

It takes more effort and there's more risk involved (therefor more reward), but it just depends on your goals and how you want to get there.As far as focusing on areas with high demand for travel nurses, that's just 1 tenant-type of many in a changing landscape.

If I have to go through all that I should have the reward myself not give it over for 10000 +1000 !!!

In the end, you have to decide the cost / benefit / risk / reward of doing one makes sense in your situation.COST - You have outlined some of the costs, but not all. 

CAPs are an individual investor's measure of acceptable risk for a given reward.

Seems like most of them never got the RISK / REWARD concept.

So you have to weight risk to reward.. and sometimes we have to eat one that we bought it happens..

Real estate often rewards patience, and holding in a market like this can allow you to build wealth steadily as property values grow.

You can shift your perspective to enjoy what you're doing, yet reap the long term rewards by planting the seeds today.