Odds are, unless the prop is a real mess, it will not sell for less than debt + lawyer fees + penalties. 

After 27% to lawyers and other legal costs, the proposed payout is about 11% of the amount owed with the remaining $300K+.

You need to build these relationships, and I would include other real estate professionals such as lenders, accountants, lawyers, etc., who could potentially share with you an opportunity they know of.

Something I did not mention in the original post was setting up a lease, my guess is that the best bet is to find a boiler plate for the state you reside and then consult with a lawyer to custom fit it to your needs?

The best discussion we've had was to have a lawyer help out for the the LLC to assume the mortgage with the personal.  

@Charles Chiu I am not a lawyer.

It would be better to contact a lawyer specializing in this issue to give you an answer relevant to you.

Real estate lawyer recommends would also be appreciated as I should probably make sure I don't mess up.1.

Is here anything else I should add to the handout for the open house.Lastly [for now] I had asked him to get his lawyer to write a contract for sale for this.

But if you need a lawyer, I'd recommend Kevin Jones, he's great, and highly recommended by a lot of investors.Other recommended lawyers I'd send you to are Mike Bybee- John Strong highly recommends him.