With regard to the proximity to the beach, I tend to have a beach distance of 15 min or 5 mile rule, whichever is less. 

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

What I hear from various people involved in the STR world in Denver and Colorado Springs is that this bill is likely to pass, but that it's also likely to be amended from its current language.There are two potential areas of change I hear about:-- The number of nights rented as a short-term rental that trigger this reclassification.

We are both 28 years old with zero experience prior to getting involved, she works for the business now and I work Blue Collar in the trades. 

Then there were some issues with the inspection report that ruined 3 contracts prior to me getting involved.

If you have equity and decent credit, a conventional Fannie Mae HomeStyle (or the Freddie Mac version) would likely be the better option instead of an FHA 203k loan (which will require a 3rd party HUD consultant to oversee the deal in addition to having the contractor involved). 

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.

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?

- Affordability: High Rent- Amenities: 1 miles distance from public transportation, Safeway, and other restaurants.

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.