My dilemma: Doing so would require spending all my savings which are in an IRA, wiping out my principal investments along with any gains.My question to y'all: Is it worth spending everything I have so that my living expenses are at least going towards an asset while I recuperate my savings OR is it better to continue renting and use the money towards my first rental property, either immediately or in the nearer future?

Do look at the costs and determine how long it takes to recuperate them. 

Also if you rent you will be able to take the losses eventually after recuperation of the depreciation.

I don't know your full scenario and financials but saving $150 per month ($1,800 year) and spending $13,300 will take you 7.38 years to recuperate. (13300/150/12).

Are there any attorneys/individuals/companies that you would recommend that could help me in this situation and even help with recuperating some of the lost rent?

I have a strong passion for nature and mental/ physical rest and recuperation but don’t want to get to far over my head to begin with, want to take this step by step.

I’m thinking of taking out my 401k, getting taxed but hopefully try to recuperate the money through depreciations.

You see I'm worried about accepting tenants with income that you can't garnish (Social Security Disability, Child Support or veteran's benefits) which makes it risky for a landlord to recuperate losses if the tenant doesn't pay.

He was planning on putting in new store fronts, residing the building before renting it out, but it took a while since he's recuperating, so the place look vacant of over a year.

Now that the investor purchased the mortgage note from the bank HE then becomes the "BANK" and is allowed to try recuperate the 100k owed from the borrower.