The answers to most of your questions can be found just by searching in BP or online. 

What's the opportunity cost of letting that equity sit and taking a loss each month?

Every PM operates differently, and at the end of the day, there is tons of information you can navigate on your own in the beginning stages online, but surely there will be PM's that would be more than happy to assist you on journey. 

Eventually, the community begins a downward spiral, and becomes an opportunity in the eyes of a redeveloper intent on maximizing the value of that parcel.

I had the opportunity to talk with the owner and he's a great guy, he did his best to make sure I was well taken care of. 

But if you want to free up resources for other opportunities or simplify things, selling might make more sense.

:) @McKenzie Stouffer Very nice, what an incredible opportunity!

Adding the real estate investment and management concentration could definitely be worth it if it gives you solid knowledge and good networking opportunities.

If you don't want to finance the other projects then you should consider your opportunity costs.   

I'm surprised at the responses here, and think there could possibly be confusion and an assumption that might be created in the responses.To provide a based answer, my question to @Zoe Brennan is, are you working on the investment opportunity with your time as well?