I know that I need to get rid of the property because it is draining me but am having a difficult time coming up with the next step. 

.* trimming trees and bushes away on one side of house* Ungrounded outlet or non working GFCI at 5 locations with recommendation to upgrade/fix GFCI* Missing outlet covers or live wire/unsecure wire in 3 places* Slow drain in one bathroom tub* Extension at pressure relief valve in water heater within 6 inches above the floor.

Martin,As Nathan indicated above, having office space outside of the house is a huge overhead drain, however it is one I had to spend if I were make a go of it.

I have closed 2 in the past couple of months and both water heaters were drained without turning the power off.

Lets dumb money go down the drain so you have less competition.What is the exit strategy if you do buy the place?

All this plus the rise in cost of living has drained me of my savings.

We manage renovation jobs down to the hour.Labor and material and well as time are subtle money drains that so few investors realize or factor in when deciding whether a DIY approach is worth it.  

That will be another drain of your time and energy that will hijack your REI efforts.   

In the last 20 months I have built a new bigger and better 24' x 26' x 9' garage, blown in insulation, new windows (same company I see for my rentals the upgraded model), new siding and paint, wrap around deck, new driveway, drain tile and sump pump,  added a basement bathroom and finished the basement.

Drain the water away and keep an eye on it.