What I mean is, some investors look strictly at cash on cash return, some look at cap rate, others just want to make sure their mortgage is covered.

Real estate agents, property managers, and contractors who specialize in your target market can save you time and money in the long run.

Keep saving money. 

I would recommend saving a little more.From what I've read about Cleveland is that you need to be concerned with high crime.

It is a tough market and there's nothing wrong with taking a breather and waiting for things to stabilize while focusing on savings and education.

Home includes new paint, new lighting fixtures with new electrical devises. Stainless-steel appliances and plumbing fixtures. A/C serviced and works great. Saltillo time entry and family room. Carpet free home Lots of...

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?

@Brett Coultas if you're a newbie, you want to be careful of an "investor friendly" agent selling you something they truly don't understand:(95+% of agents only know how to handle owner-occupied transactions - you can verify this by asking them calculate ROI for you or Cash-On-Cash!

Do you have a current need for that cash flow generated from the tax savings?

Going direct instead of having a GC do the work will save you money too since that GC will put a percentage on top of work.