One other thought is inclusive cleaning may not be a plus if you can bill cleaning to the renter, then it is off your tab.

@Jesse Wolf have you researched an AITD "All Inclusive Trust Deed" we use those in California in you type of situation. 

It doesn't need a whole lot of work, just some appliances and I would have to furnish the main areas.I currently pay $750 per month on rent all-inclusive which is actually a really good deal.

Schiano:The other wanting to surrender the property is the owner of record so that's simpler if anyone knows if he can just sign a quit claim deed over to me in lieu of me filing a foreclosure action.Are you confirming owner of record based on a title company doing a true all inclusive title search or your DIY title search.  

I'll definitely go back to the drawing board with the inclusion of the acquisition fee and simulation the various split scenarios you described. 

This isn't inclusive but should give you a good start.

Normally I don't socialize with my tenants but they were paid up for the next 6 months so I decided to take him up on it.We had such a good time we decided to make a weekly tradition of going out for wings and by the end of the lease we had become such good friends not only did we get wings weekly but they also invited me to go on vacation with them and they invited me to be a part of their wedding at an inclusive resort.They only rented from me for 14 months and they got a heck of a deal but they are now lifelong friends.

I want to see what is inclusive of his "more expensive method of repair", be sure everything is covered, floor raising or foundation raising is tricky, not all contractors can do it, I hope your contractor specializes or had at least 10 repairs under his belt, if not, don't be that confident on him to fix it.

However, if the 75K is based on "pro forma", meaning inclusive of if you were to lease out the rest of the vacant space to arrive at a final 75K NOI, then you are looking at a pro forma cap of 5% which is pretty horrendous.  

In CA our All inclusive deeds of trust ( and title insurance would have protected you)The only thing an attorney can do for you now is check to see if the Title company who closed this should have had a condition of the underlying mortgage before they did the deal.. but to the title company they may have simply thought the seller was carrying a 70k second..