The most likely scenario is that his renters will eventually do something that costs him a significant loss, despite cutting them a major break for so long. 

Your experience in construction will definitely give you an edge, especially in flips and rentals.

Any suggestions on how to cut to the chase with the bank?

You're better off to just keep the deposit and cut your losses. 

No qualified commercial loans based on current interest rate and cap rate offered.To solve the problem, either the rate has to come down significantly (probably not going to happen in a few years), or the cap rate has to go up to 10s, which means the price has to be cut by almost half.For those folks that has a maturing commercial mortgage, they can not refinance based on today’s rate.

Start building a network of potential investors that are interested in your investment thesis.Also, what is your edge?

I've kicked the can down the road, and it ain't good.If you don't think a higher paying tenant will not show up, I would consider cutting my losses and trying to sell.

Due to the income earned in the landlord account that goes to the benefit of the client, you should cut the check directly from the account through the bank and do as the law says, hand-deliver or certified mail.

I've looked at the fastest growing areas in other states and while I think you can profit from real estate everywhere, perhaps with a different strategy, investing in the fastest growing areas in the state seems to me to give an edge or a push in the right direction.David KrulacBigger Pockets Podcast #82

just curious) - Flat fee for advice or a small profit cut (5–10%) if she’s hands-on.