Seller financing is a good way to start if you are looking to sell to your current tenants, other than that, you will need to run into a proper plan why you will need that and how long will it take you?

Recommend you take a look!

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 also side with Adam and take advantage of the added protection of the firm I use.

I view it as instant leverage.  

Congrats on taking the step, you go this!

Who do you think takes the gravy in these transactions? 

When evaluating potential properties, consider three exit strategies: if you can sell quickly for a profit, hold it as a rental, or take a loss.

And that's arguably an optimistic take.

This is my first rental and everything is taking much longer than anticipated.