C182 pilot reported aborting the takeoff after engine power loss. The flight crew elected to land on the remaining runway; doing so successfully.

Narrative

On Date; I was performing the duties of a safety pilot for the owner of Aircraft X; a Cessna 182 Skylane. I am a CFI; and the Pilot Flying is a Private Pilot with an Instrument rating.A successful pre-flight and run-up inspection was complete.On departure [Runway] XXR at ZZZ at approximately 200 feet AGL; the aircraft experienced a sudden power loss of approximately 500 RPM. At that point; I looked over at the Pilot Flying in the left seat; and confirmed a surprised reaction similar to mine.I scanned ahead of the airplane and determined there was ample runway length available for landing.I quickly announced my controls to the Pilot Flying. Additionally; I announced 'abort takeoff' to the Tower and initiated a descent to landing with the remaining usable runway left ahead of us. I didn't have the time to compose a full emergency message. Tower sequenced the aircraft behind us appropriately; initiating a missed.Given the options we had at the time; I believe this was the best course of action as I could not initiate a 220 degree turn back to the runway in a C182 Skylane below 700 feet AGL should we have encountered total power loss on the climbout.The aircraft has been grounded by the owner pending evaluation by an A&P.