Plus I can under insure stuff which is preferable for my risk tolerance and ability to handle losses.

It al depends on your personal goals, timeline, effort you want to put in, and risk tolerance.

I recommend that you contact your municipality's code enforcement and share the tangible issues that have been repeatedly tolerated. 

Your personal risk-tolerance and goals will be a big part of this decision.  

It depends on your goals and risk tolerance, well and the numbers.You'll definitely be able to scale faster by utilizing leverage via the BRRR method, but you'll decrease the monthly cashflow from this property and you'll now have a loan to pay every month.

It really comes down to risk/reward and how you feel about your tolerance in that regard.

I have a very well paying W2 job and am currently living at home with my dad with minimal expenses so I feel like I have a little bit of risk tolerance to feel more comfortable using most of my savings for now.

Banks have different tolerances for risk.I have used One NV Credit Union 3 times.One NV LinkGood Luck!

Your decision should be based on a mix of budget, risk tolerance, goals and resources.

regardless of what the market is doing, you should choose a RE strategy that works with your personal skill set, available capital, amount of free time, and risk tolerance. then, make that strategy work in any 'market.' for example, a lot of people would not want to flip right now, because they worry home values are going to go DOWN soon. but people who excel at flipping are just buying their properties at bigger discounts to accommodate that possibility. if you try to pick a strategy based on current market conditions, you'll never get started, because the market conditions are ever-changing. hope this helps!