Also, the tenant has prepaid rent for the entire lease term at a ridiculously low rate ($10k-15k) and the onsite manager has taken off with all the money. 

A payoff can cost $25-50 - a rip off.Fill out ins co docs asap to get claim closed out asap.Have tenant sign permission to remove and dispose of stuffHave them sign a liability release when returning their security deposit-------------------------6/8 addedCancel insurance on the structure, depending on your exit strategy, keep liabilityCancel prepaid utilities - trash, etc and get refundProcess ins. paperwork ASAP, get loan paid off ASAP as to not waste interest expense.I got 3 months of lost rent.. huh?

I also let them know that they could use this money as a down payment, or to pay closing costs and/or prepaids.

You are a cash basis taxpayer and prepaid the expense, so you will actually be able to deduct the whole payment.

Be prepaid for the love story and polite and listen.

Got this one under contract at ask price and 2% towards closing costs and/or prepaids....hopefully we have no issues and get it closed!

Depending on what you are doing, I have heard some good things about pre-paid legal services but I have not used them

And began the pre-paid burial business plans......what a guy!

yes, that seems high, even if it's a financed deal and that number includes pre paid insurance and taxes escrows.

This is no different than making adjustments for pre-paid expenses.