Does anyone know of any other ways to gauge the effectiveness of this plan? 

WHAT IS A COST SEGREGATION STUDY?

@Joseph BinkowskiDon’t forget that you can now be qualified as an accredited investor by passing the series 65 exam without any income or net worth requirements.It will cost you around $200 to $300 and will be valid for 2 years (unless you can park your license with a financial advisor firm, then it will last as long as you maintain it).It is not a difficult exam and you should be able to pass it with around 40 hours of self study with a good prep book or website.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Here's a fundamental explanation to get your juices flowing:Assume a house costs $200,000 and rents for $1,500.

Find one that can be custom to your needs, has flexible pricing, no long-term, high-cost memberships, and excellent customer services to determine how to best market to your leads.If you would like a referral code or more information please let me know :)

Cash flow has been hampered by an increase in cost of ownership recently, specifically insurance. 

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?

I would like to enter the landscape of real estate investing, but the area I live in has a barrier to entry with regards to cost.

Do you have a preferred type of property and price range you're looking for in general (knowing the costs can be different based on they market)?