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?

My two cents: get a job and HUSTLE right out of school and create some income and save up some capital.

However, a good real estate accountant is worth what you pay them because they will save you time and money. 

Retired Air Force looking to expand my retirement portfolio into real estate. 

To qualify for a loan, focus on having a credit score of at least 620 (or 580 for FHA loans), keeping your total monthly debt under 43% of your income, and saving enough for a down payment and closing costs—about 5-10% of the home's price in total.

Health insurance payments, Health savings account lots of options. 

Eliminate debt, establish a budget, and save.

It will save you time and effort. 

You could also get a line of credit for about $150k (you should be able to borrow 75% of the value.)The reason I suggest this is…1) you save $40-$60k in selling costs. 2) you have a lower blended interest rate (2/3rds at 3.25% and 1/3rd at 7 or 8% instead of the whole $500k at 7 or 8%) saving you another $1k/mo in interest. 3) you only pay interest on that $150k when you actually use it, not from day 1  Unless you hate this property, or want to buy something you can’t afford without selling, that would be my plan.

Level 3 is $20m in real estate so I can retire with a 5% return for $1m a year.