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?

And while a 1031 exchange isn’t an option, some people explore alternatives like installment sales to spread out taxes or even tweaking the investment structure so your returns are treated as interest instead of equity.There are definitely some creative strategies out there. 

It’s just not that common even though that is one of the main things talked about. 

@Kasey Hardt very interesting,  didn't realize this was a pattern but even I've got friends that are getting recruited to the area for medical device startups etc, so could be a very interesting trend to watch.

.🔹 Insurance Challenges – Even when insurance pays, it rarely covers the actual cost to completely rebuild.

I've even seen agents that will finance repairs with a lien to maximize sales price for their seller.Who you work with matters and will mean the difference between a quality BRRR that cashflows or a property that doesn't work.I love to talk real estate.

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

I don't even think she knew what I was talking about and she had a heavy accent and didn't seem to understand me very well.  

We assisted you as soon as we could which wasn't even a long wait in the first place......I dont think you understand what livable means.

You could see an attorney or even better talk about it with your financial planner many have legal tech now that makes it essentially frictionless to get your estate work done and keep it updated.