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

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?

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

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. 

And while I agree that debt is often the cheapest form of capital, if you are looking at a project that involves some form of value-add business plan, you can always refi either when rates come down or you have increased the yield on the asset to exceed your interest rate.But like Stuart noted, for many groups, even the most seasoned syndicators, raising call cash for their deals is effectively impossible.  

Real estate is transactional where people are involved so it won't be a black and white answer.The best to do is to find an agent that fits your needs and guide you through the process.

These are great for experienced flippers who can handle the tight timelines and costs.Private investing usually involves individuals funding your deal, like friends, family, or networking connections.

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.

As you probably read through the comments on this thread, there are many moving pieces, costs, and folks involved in this transaction.