I hope things work out for the original poster.

He is a inherited tenant, most of which do not work out, and you clearly state you do not want him to leave. 

And what @Joseph Berhane said -- except a couple of the low cost contractors I used actually DID work out, but on a limited scope and it was hard on the nerves.Either get a GC to manage it like a pro, or parcel it out in bits to specialists. 

Good luck, keep me posted on how things work out! 

Thanks for the adviseP.S. if the self managing does not work out, any Jacksonville property management recommendations would be greatly appreciated.

To me, it seems perfect, and the numbers work out. 

You sign an agreement with them (workout agreement, loan modification, forbearance agreement) that spells out the details.

Now the best deal would be to work out a deal with the old investors to buy his interest thus strengthing the new investor's interest in the property, and likely to be able to file for quiet title.

I actually prefer partial to no equity as I've become proficient in the workouts so I like a reduce price tag. 

I was crushed, but learned a valuable lesson...don't sleep a property when the numbers work out.