Without my wife's direct involvement, I think some of our homes would have struggled to stay afloat.   

Be very careful who you take advice from online, you should get involved with a local attorney and a local realtor.

Sometimes occupants still live there and eviction is not easy, and I have even heard a story once that the yakuza are involved in the construction and real estate business and exorted money from buyers through occupants in these properties. 

Then there were some issues with the inspection report that ruined 3 contracts prior to me getting involved.

We are both 28 years old with zero experience prior to getting involved, she works for the business now and I work Blue Collar in the trades. 

Quote from @Garry Lawrence: I need advice on a serious situation involving a property I’m about to buy.

Should I go through with taking ownership of the property and try to salvage it for profit or do I refrain from even involving myself in the situation as it may cost more than it's worth to save it?

I am also involved in management at one of the largest STR property management firms in Cashiers.

Investing in single-family residence fix-and-flip projects in New York involves purchasing distressed or undervalued single-family homes, renovating them, and selling them at a profit.

it was an interesting process but basically, the novation allowed us to get the deal done without having to involve the banks. this was a huge motivation. that way I save on having to close twice.