This is not a good investment property at this time and needs to be off loaded so you can invest in something with positive cash flow.I know you are going to suggest you have positive cash flow but mathematically, with your present position on this property, that is impossible.

Is there a mathematical way for me to bridge the difference?

It is not like the rotation of the planets that can be mathematically modeled.

In summary have your mathematical criteria, but just evaluate enough properties that you know a good deal in your gut when you see one.

I also had degrees in Mathematics, Computer Science and Physics (minor) and thought that if he could execute, he would own the industry. 

Considering that there is an acre of land, it is mathematically impossible to have water wells on two corners and the distance between them be less than 100ft, or the distance between them and any two other corners/sides be less than 50ft.

Ultimately, you are the only one who can decide what amount of risk makes sense for your life, but there is no argument of which strategy, mathematically, is a better investment. 

I felt if I used a Mathematical Example, my Post would make more sense and provide Real World Application by tying my words with numbers. 

I would look at the problem very mathematically, and I would look from a "worst case" perspective.

It might also look better mathematically to do a traditional cash out refi and and pay off current 1st position lien holder and take the cash for what you need.