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?

This gave us peace of mind and ensured that any unexpected incidents wouldn't result in major financial setbacks.These two choices have played a crucial role in optimizing our STR strategy, balancing profitability and protection.

How do we minimize taxes on the profit we're making on this first home? 

Rentals also build equity through tenant payments and appreciation, with profits taxed at lower long-term capital gains rates when sold.

I've never heard money/profit described as cute, so it's not important.The most important thing you mentioned, was the rent potential and ARV. 

Even getting out with a small profit will add to your return as long as you don't lose it all in taxes.

Sold it for a profit fairly quickly.

My understanding is profit from lending is considered "taxable income" and is therefore added to your income and subject to your normal tax rate after all deductions, etc.

Wade executed the very first “non-profit only” government non-performing note trade with HUD.

To get things done as quick as possible , charging by the hour cost the contractor money , charging by the push/inch  is the most profitable way to do snow .