I thought the buyer was to take on the remaining balance of the mortgage. 

Commissions remain high here for 2 main reasons.  1) The process is WAY more complicated here than anywhere I've ever worked in RE and I'm pretty sure more complicated than anywhere else in the US.  

So the outgoing tenant needs to get their share from the ones who remain.

I still have a note on the property and it has some equity, approximately $42k ($95 appraised value - $53 remaining mortgage ).  

You will need a DEEP CLEAN ($250-450) it's no getting around that and it will probably be on the higher end because of the bugs and human feces. 6.There is no heat or air...now I can get a tenant in there without it but you will NEVER get a good tenant that will remain there and take care of the place long term. ($3500 for heat/air unit and instillation) Max Total $6100 needed to get a good renter that will pay $800 (minus- 8% management Fee) your net $736 per monthMy question to you is, are you in a position financially to take care of these things?

@Chad Kerlin I heard this directly from a Guru to remain nameless.  

So essentially, some or all properties might remain in the portfolio beyond this initial exit strategy; or the portfolio could be entirely sold off and closed.  

All prepayments shall first be applied to accrued interest and thereafter to the principal loan amount.DefaultThe co-maker shall be considered in default in case the borrower failed to pay any three (3) consecutive monthly amortizations.TransferThe Lender may transfer this Note to another holder without notice to the Borrower and the Borrower agrees to remain bound to any subsequent holder of this Note under the terms of this Note.Replacement of NoteThe Borrower agrees to execute a new Note with the same terms and conditions and remaining value in the event that this Note is lost, stolen or mutilated.

He drove over from the east coast.Some questions still remain as to how assignments MAY work, if that particular method or actions are legal, etc.

I now know a lot and yet realize i know oh so little, but an excellent student i shall remain.