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ARV- $300kPB- $150 $10k to cure Seller would like to walk away with $70KI would like to pay that $70k in installments

You're not in analysis paralysis - you don't have a plan, you don't know what's important to you, you're afraid (which is cured by action), and you don't have a trusted adviser (a realtor) to help you. 

More specifically, for the binder, you need a "sun resistant single component moisture cured polyurethane that has ~10% isocyanate, a low viscosity, and a high percentage of MDI."

First, do you know how far behind he is and how much money it would take to not only cure his default, plus any late fees and additional accrued interest?

You may be required to send a demand for rent and give them the option to cure the default.

If you can't get the Lessor to subordinate the next best thing would be to include a "right to cure" clause in the lease.

The good ones will re-price, cure the problems, or kick the loan from the trade in a professional manner.

In New York you must give a "Notice to Cure" before you can serve a Notice to Quit. 

Other states may have periods of time in which the debtor can “cure the default” and hence you would not be able to foreclose.