Depending on where the property is and the lender involved, and what he has told the lender, and so on and so on, you handle things accordingly.

I think they contain solid information and will help lay a good foundation as a beginner (Haha, I'm completely new to real estate as well, btw)I'm also going to be reading the following books, and hopefully I can finish all by the end of this month:1) The ABCs of Property Management2) The Advanced Guide to Real Estate Investing3) Long-Distance Real Estate Investing How to Buy, Rehab, and Manage Out-of-State Rental Properties (this might be the most important one to me personally)4) The Book on Investing in Real Estate with No (and Low) Money DownIn addition to reading, I'm consuming crazy amounts of youtube videos, and I'recommend you do this as well.

No need for landlord to be involved in that claim.

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'm not a lawyer, but I've consumed about 1000 hours about Wholesaling both commercial & residential, and none of what they do requires a license.

One option I have is to demo and rebuild the house using insurance money but it will take about a year and lot of involvement.

These things should NEVER be considered in an educational program much less a program that has self serving owners with over-hyped experience and credentials.Students have been squeezed out of deals that their coaches are involved with.

Worked out nicely for all involved. 

Yes, I have been involved with several "mold" properties that still had high mold levels after remediation.  

@Brad Kanouse I have an idea that doesn't involve drawing from your IRA.