Then in a few years you can move out and retain it as just a rental property :)

How many tenants have the funds to pay a retainer fee to an attorney to handle the lawsuit?

My general advice is to retain as much as you legally can under the terms of the lease and let him walk. 

Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

You absolutely should retain a lawyer for this if you've never done this before, the eviction process is complicated and if you mess up something small you can have to start everything all over again.

We regularly get 75% LTV on single family homes we decide to retain as rentals.   

Is the land relatively flat or will it require hauling dirt or building retaining walls?)

The new owner retained us to manage it. 

Offering laundry will keep the tenants from leaving for an apartment down the street and retains them over time plus if you do have a vacancy you can attract way more to your building and get higher rents .

Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.