During my ownership, I visited the property in person only 2/3 times over four years.

We have discussed the option of selling to get the equity out of 'co-ownership' so that we can use the capital to pursue other opportunities. 

It also states, "Unlike the ownership requirement, each spouse must meet the residence requirement individually for a married couple filing jointly to get the full exclusion."

They have 0 incentive to let contractors in once you take ownership, and the current owner has 0 incentive to assist you with them once you close. 

Usually with a variation of, "in taking ownership of this property, there are several ways I could choose to handle this property.

From an ownership perspective, you can utilize an LLC that you own 100% to own your real estate asset.

I can't think of a good reason, other than maybe being underwater in a house that won't sell, that a vet would allow a non-vet to take ownership of their entitlement.

When I got ownership of the property I simply let the tenant know, that this is their last month they can rent here then will need the space for myself.

Aim for a $75,000 ARV to play it "safe".As far as private money you would probably have to find someone local that knows the area and wouldn't have a problem taking ownership of a property like this if things go sideways.My guess is you'll have a tough time finding an individual that wants to loan on it. 

You forgot to put your state in your profile or your post so people would know if you are in a community property state or how much it will cost you to transfer ownership from your wife to your LLC.