It will eat you alive. 

With how much I would pay in income taxes (in same bracket as you) it seems like the taxes would eat up all of that cash flow!

From my understanding, I should expect the process to take months and the bank will eat difference between the sale price and principal.

If that doesn't work, then I would hire an attorney, eat the cost, and be done with it legally.

Please don't suggest getting a property management company, because they will eat up a lot of the profit. 

No having your cake and eating it too here. 

The P&I eats up the majority of the income $1137 of $1500 that’s almost 76%.  

What about - Eat better and exercise.- want a better relationship with God?

@Ben Morris Without knowing all the numbers, I still think the first business should be a priority as you don't want a different landlord who can eat into your business cash flow or having unfavorable terms.

Just eat the $572.73 cost?