All this lead me to keep my existing tenant and lower the rent a bit.If you are already at the low end of what is profitable for you, you can easily find good tenants, you have a signed lease which requires compensation if the existing tenant breaks it, and turnover costs aren't high, then I'm with the other guys and would probably not recommend you lower rent.

Annual insurance premium (this will be higher for me) $1600.My best friends wife is a realtor and she estimated that I could easily rent my place for $1100 /mo, maybe more. $1400 sounds high for my place but it is also only 2 bed/1 bath

So my ARV takes into account the difference in neighborhood this is a 6 bed 3 bath home with 14k square feet of land 2800 square feet is the house size and is easily the biggest property in the neighborhood

Some lenders may want 25 - 30% down, but there's enough competition, you should be able to easily secure an 80% LTV.BTW:  That spreadsheet you are using is U.S.A. specific.  

Or you can easily sell the note to an Investor.

I'm new myself but due Dilligence is important especially if it's not a markrt you are familiar with - you could easily buy a property  in wrong area that could be very bad all around 

I am a very good learner and can learn things easily.

Just don't run up a bunch of attorney bills fighting out a measly 8k... you could easily both exceed that if you lawyer up and fight it out.

Best of luck and feel free to reach out as I am always expanding my network. 

Identifying potential partners is easily done through communities like this.