Just based on the info you provided I would take the loss and move on.

Connecting with local investors and agents is a smart move.

depends on market most of FLA that wont move the needle.rust belt mid west you can find deals for those amounts.. going to be rougher areas of course. do NOT follow the advice of anyone suggesting second postions or gap funding.

I could move over to Cleveland to use the same property management for a similar deal?

Are you willing to move or do you want to stay in the house?

My ideal time to have an appraisal complete is post renovation of the house, but BEFORE the tenant moves in.

Cash for keys will be my first option.

Sellers who are in financial distress or dealing with a property in poor condition might be more open to this type of arrangement if it helps them get back on their feet.The key to making this work is transparency and clear communication.

Even if it's just part time, the key to figuring out how PM is done well is by being present around people who have mastery of the industry. 

I grew up in RI but moved to Boston for college and have been in the Boston area for 15 years.