You only back out after doing you due diligence and deeming it is not a good investment, I personally look at inspection and expenses in due diligence as insurance investment to reduce loss. 

Reach out to @Joe Mueller he is an investor and started Investors Title Services LLC and they specialize in investor closings at reduced fees, although I used them for all my closings and save money on every one of them. 

Use that money for investments that yield 8-10% returns rather than paying down the debt that's costing you 4-5%Focus on reducing that debt payment or increasing your income (no brainer but had to say it)Have a lender determine your buying power. 

My wife and I do have Big goals but we want to be financially stable when we build up so that we can enjoy life together while working less.. and with less stress.. lots of good advice here but the main theme is to do what feels right to us and I think we know what that is now.

Buy a little lower, rehab a little more and refinance to reduce the equity trapped in the property. 

It might be a way to significantly reduce your investment if your only interest is billboards. 

The only option offered was to reduce the sales price, and I want to make sure I get my buyer all that he can on the closing.Thanks again!

And we worked with the living tenant (his spouse), giving her reduced rent for a period of time.

Very stressful situation, we are ready for him to pay or leave. 

Increase your price, then ask for that price increase back as a seller subsidy can reduce your out of pocket expenses.