I've found people numerous times on Craigslist who have hauled junk, including refrigerators, away for free for me.

I hate to say it, but this person has preyed on your good nature and will now become your worst nightmare.Spend the money now to try and avoid a massive problem, but dig those heels in because I think its going to be a long ride.After seeing what you've said, I invite others to weigh in, but knowing what you've just told me, you've got a professional scam artist in your property and this won't end well.

They have the necessary systems in place to handle the numerous obstacles thrown at them through the life-cycle of the note.  

@Mark DiGioia there are numerous property management softwares out there that can help you collect your rent online as well as provide other property management features.

@Jason Cory thanks, sent you an invite! 

Since then the bank/Seller have asked for numerous extensions which we have given. 

I have taken out numerous mortgages in the pass and IF I even locked the rate, I was never charged a fee.

What a great way to still invite quality applicants, but to screen out all the callers that are unqualified, without getting a million phone calls.

If the answer is that he was just putting it in the bank, I would explain how he could be secured by making the loan to me and collect higher interest on his money.I would also offer him one other tidbit that worked in numerous situations.

There are numerous ways to structure and protect each party.