Expect to loose your deposit but hopefully it is rented and you may even get some back. 

You may loose lots of money going this route and puffing solid leads and this can be regarded as “Tuition” of learning by doing.OR just do it , hit road block, research , ask questions, resolve, repeat.Either ways, don’t spend too much time thinking about it.

How can you exit without loosing the asset or taking a huge lost?

Good luck and don't loose sight of the end goal and make sure you don't burn yourself out before  you get there.  

I base a lot of this around if you sell your primary in the same market that you plan to buy back into then most likely you will not be winning or loosing much.2.

You had an older fridge so you had to know something was bound to happen to it and should have been budgeting for this. 

A police report was filed by the new tenant.It should be noted the inherited tenant's lease with his previous manager is extremely loose with the language regarding keeping the peace, but I do think there's enough to file a 30 days to vacate notice if we wanted to.

Submit 100 offers in a month you're bound to get something.

I am not sure how things would hold up even if he agreed to forfeit deposit and you are loosing a fair amount of protection for a tenant you have only known for 5 months. 

Lots of good rental markets in this area: Union, Linden, Rahway, Carteret, Perth Amboy, New Brunswick, Highland Park, Bound Brook, Manville, North Plainfield.