Make sure this is in your lease agreement.  

You can just terminate the rental agreement with a 30-day notice "for any reason or no reason" - at least for now in NY...

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The way I see it, the positives are that the municipality takes the burden of finding the tenant, rental agreement with the municipality is for are for at least five years (this might be a negative for some) and you'll be exempt from both property and capital gains taxes.

Go through each major line item and come to an agreement on what really needs to be done.

.: Quote from @James Hamling: @Scott Trench I disagree with much of your take but I see the very legit place it comes from, and verge on aspects of agreement within aspects of it. 

If they are on the deed, the property is owned as 'tenants in common'.Is there a tenants in common agreement?

When I brought up that withholding proper documentation could be a breach of contract, the response I received was that I could terminate the agreement, but I wouldn’t get my escrow or due diligence money back.  

Just make sure to read the management agreement carefully, the monthly % isn't the only cost to consider!

Then tell them you're willing to forgive their entire balance if they're willing to pay x and move out by x date.Do not cancel the eviction though until you confirm they're out and held their end of the agreement.