Is this a good idea I should continue pursuing or are there better options? 

Or you may be getting tired and desiring more passivity to pursue other passions.The point is that once you get these questions answered then you'll see a direction to go. 

My license has been inactive all this time so I could pursue a chemistry degree.

Mention in the letter that if the damages are not paid, you will pursue legal action against them and you will also report the damages to their Section 8 social workers and pursue legal action.

Managing a rental property long distance is not for everyone, especially while pursuing a master's degree, and can add unnecessary stress and complexity to both your lives.

Additionally, explore alternative financing options or strategies that may better align with your long-term investment strategy.If you decide to pursue a hard money loan, research local hard money lenders in Virginia, and consider reaching out to multiple lenders to compare terms and rates.

Without tying up all my cash, what avenues should I pursue to cover the $72,400 cash payment I will need to make the deal happen on top of taking over the current owners loan?

Ultimately, this is not worth the time nor aggravation to pursue.  

You could pursue agent full time then do side hustles on the side to survive till the business lifts off.

I am officially married as of today, and my wife and I are excited about pursuing some investments in the very near future!