Right now our Tax deferred cash flow sits at $120,000 per year and in 10 years time, I will be sitting at $1,000,000.00 tax deferred cash flow coming in yearly.

Sit down with your lender, only they can answer these questions definitively 

, etc.Note: All of this information can be found online, but it helped me a lot by going into his office, sitting down with him, and talking through it.

If rents are truly 50% of market rates and it’s been sitting on the market something else might be going on.

There are a few ways to go about tackling this situation, and I'll do my best to guide you as I would if we were sitting and having coffee and discussing this. 

If it will take you one year or more to save then I don't think it's a good move.In terms of targeting homes, I would look at properties that have been sitting on the market for 45 days+ and find one that is under value, offer over list price, and get closing costs back at closing.

Do we drop the price to get rid of it or sit tight and wait for an upswing to make some money on it?

But part of still want to hold on to the possibility of after two years turning my $20k DP into about $40k just by sitting on the house. 

It's been sitting on the market and unable to sell thus far.

They would eat up those returns with the opportunity cost of money sitting there.