And they’ve cost me alone well over $30k in damages and lost rent thanks to their complete negligence.

If you get cat urine in the house, it can cost you 10x the pet fee to mitigate the odor.

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?

It cost him a few hundred bucks, but she was happy, and more importantly, he didn’t have to deal with an expensive lawsuit or bad online reviews.Here’s what I’d recomend doing:Check Your Legal Standing: Since the fence isn’t in her lease and not part of the surveyed property, you’re probably in the clear to remove it.

I think it was for down payment and closing costs.

Work out a fair revenue-sharing model, such as a flat lease or percentage of profits, and consider hiring a property manager for oversight.This post does not create a CPA-Client relationship.

A lot will finance the rehab costs aspect as well.

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.While the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall loss.

Pretty reasonable cost too. 

Give your state's 'cure' term ("In New Jersey, a tenant has three business days to pay rent and court costs after a judgment of possession is issued to avoid eviction.