Our house in Florida (Four Corners) did great all the way up to April but it has fell off a cliff since our last guests checked out last week.

Since we are out of state, we need someone to observe the minor renovation progress.What would be the average daily rate for hiring a renovation project manager to check on the progress and ensure that contractors are doing their job properly?

Lawyer fees to go after the listing commission wouldn't have been worth it.   

Run your numbers and check.

But, personally I wouldn't start the renovation until I'd had done a background check on the person who lost the property, to see if they have other assets they could sell to redeem the property or relatives who might help them out. 

First, learn about ways to make money last, set your aims, grasp house hacking, check if you're ready money-wise, do deep market checks, make friends with local home investors, agents, lenders, and those who manage properties, go deep into property details, and get to know the local home laws well.

Without checking the title yet, My question is, should I still possibly pursue it under which circumstances?

Check that your marketing is casting a wide net, the information is accurate, pictures are well-lit and at good angles, etc.3.

Never taken advantage of something like this and I'm averse to it... the crunch time with a ticking promo period with an overkill of fees/penalties is not worth it for me.

If that makes it worth it for you I would suggest to go for it!