Read Tax Free Wealth by Tom Wheelright for a great explanation of why you should meet with your tax advisor first to determine the best structure for tax strategy and then have that person work with your attorney to ensure the structure is set up correctly.

So it sounds like I should definitely speak to a Real Estate Lawyer to get a better idea of how to structure and put together an operating agreement.

That ended up leaving a large hole in the roof, interior bedroom ceiling and bathroom ceiling.

More bathrooms?

David,Insurance policies for flips are structured different than those created for buy and holds.Flipping policies will give you coverage during the renovation time period as well as any long term vacancy, usually more than 60 days.A buy and hold policy expects the property to be rented and can deny claims related to major renovations or during a long term vacancy.There are specialized insurance programs built for flipping that most flipper will use. 

I need them to understand real estate, legal structuring, cost segregation, depreciation, etc.

Example How does the bathroom look?

Plumbing for the bathroom and kitchen has been done on the gutted side as well as all new windows.

Does anyone know a good way to structure getting out of this property smartly?

It got us in the game and we worked with a great attorney on drafting the lease option agreement and structured our first Limited Liability Company.