We were ecstatic that it happened so fast, we thought it would take longer.

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.

Congrats on taking the step, you go this!

Who do you think takes the gravy in these transactions? 

I view it as instant leverage.  

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.

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