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?

We have several subcontractors that handle the process but the owner has zero involvement.

As you probably read through the comments on this thread, there are many moving pieces, costs, and folks involved in this transaction. 

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. 

Your mortgage has nothing to do with your taxes.Here is a very rough starting point, however the actual calculation will involve more details:1.

@Geoff Engel If you don't want to be a landlord but still want to be involved with investing you could be a private money lender for flips or in partnerships and bring the money to the deal.

When investing in high cash-flow markets, I always recommend working with an investor friendly agent so you're able to gain the right insight on the different areas and the risks involved.

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

Investing in single-family residence fix-and-flip projects in New York involves purchasing distressed or undervalued single-family homes, renovating them, and selling them at a profit.

I've selected Collin, Denton, and Grayson counties as my investment focus.My goals involve investing in small multifamily properties and long-term rentals.