HI @Ananth SubramanianI have not been in your shoes but have read others that have and from what it sounds like getting the judgement is the easy part and physically collecting the $$ from the tenants is the hardest most impossible part. I

Consider getting a statement signed by all parties which states that everyone has agreed to terminate the current lease early on X date and all obligations by all parties have been paid in full and that the deposit will be kept by the landlord and will be applied to the new lease. 

There really isn't any "fair" cut of the profits, it's really just whatever cut each party is happy with.

Its typically triggered by a third party, so until someone wants to complain, there is no ADA compliance police wandering around giving citations.

Is Austin still a good market or did we miss the boat?

While that may sometime be true, full disclosure to all parties should eliminate any ethical or moral concerns (imo).  

One of the trends you see clearly is that smaller landlords do not want to rock the boat increases, especially with good tenants. 

I have people ready to give the funds, I just don’t know what’s the best set up that makes it fair and attractive for both parties.

You also want to think of what the exit strategy is for both parties.

During that time it was not uncommon to miss holidays, b day parties, work 14 hour days 7 days   a week.