@Tony Hershiser working for yourself likely won't reduce your hours :) You've received some very good advice.

I get tax time is busy and stressful, I just need help with taxes!

If you take it all, or part of it out, the return is reduced proportionally to the dollars you left in. 

This cost is really impacting my cash flow as you can see and since moving the location of my rental is not an option, does anyone have a recommendation for insurance providers or other resources to help reduce the annual cost of the rental insurance? 

If your.contract gives you an option period for inspection, you can tell the seller you need to reduce your offer.

DO NOT GO THE CHEAP ROUTE with a chuck in the truck builder or you will pay for it with your time, stress and energy. 

I also like the tax benefits, especially the bonus depreciation, and the reduced liability risk since we are passive/LP investors.

To start the dialogue right, I want to stress that by no way am I trying to brag on this deal.

Signed the contract for a 2Ac land in April, spent close to $10K in attorney fee, ALTA survey etc. and come to find out that there was a restriction on land that'd reduce the buildable area by 25%.

Well, they didn’t do the work you contracted for....so agree on a reduced price or don’t pay them until the work contracted for.