Obviously you can maintain a stronger presence and level of involvement investing in properties near you.

I involved insurance, remediation, restoration and they all did their part and finished in 2 weeks.

And there is also a hope component involved.

@Tom S.Yes I am sure.See IRS link below and see the discussion of 2nd loan involving "Jim"https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-loans

Are there going to be banks involved, creative seller financing or all cash? 

And this does not even involve business or real estate!

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?

The problem now is that if you're looking to do a cash out re-fi (e.g. as part of a BRRRR strategy involving the development of ADU's), there typically are no comps for an SFR + ADU + JADU, so an appraiser makes adjustments to SFR comps and gives very little value to the ADU's. 

And I also see many questions popping up about running a short term rental business, which to me is more of a business than an investment although it does involve an investment in real estate. 

You cannot cherry pick a lender its not that easy you have to be more involved as a Banker or Loan officer.If you are not a lender my first thought was how welll versed are your point of contacts to assist a borrower unless its done through your software.