And having a property manager does not mean that you’re not directly involved with a lot of issues with your properties.Given your situation I might rather suggest a REIT investment where you get exposure to the category, but not have to deal with such a large portfolio, or just get your feet wet and see if you like being a landlord by buying a couple of properties  Randy  

Assuming this is a clean file, with no exceptions required, most Underwriters take anywhere from 48-72 hours to review a loan and get CTC, or provide further conditions. 

My wife also made it clear that if we were going to expand beyond what we already own, she didn’t want to be involved in managing them.

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?

In some syndications, returns may be higher than 15%, but it can be more risky in that there are usually many people involved and if the operator doesn't perform as originally explained then the process of getting your money back can be a little more tricky.

Security deposit will take care of the last month of unpaid rent, but I'm considering filing a small claims court lawsuit to get a judgement for recoverable damages.

It's better to be honest with your current lender and all parties involved in the transaction, than to risk losing your EMD and falling out with lender Bs false promises.

And there is also a hope component involved.

Is this for props that have a foreclosure filing against them so you can get to the actual owners for a pre foreclosure purchase ? 

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.