Be very careful who you take advice from online, you should get involved with a local attorney and a local realtor.

Continually communicate clearly with all parties involved to make sure that expectations are as close to realistic timelines as possible.

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

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.

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.

Again, this is with commercial/investment property; owner occupied or consumer loans may have legal issues rendering this technique non applicable.  

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

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?

If you can involve the local fire department to help with defensible space as a start.