Selling investment property (Single Family Home) at a loss

[Lawrence Cloversteed]

Hello all,

I purchased a single family home back in September of 2017 in Nebraska. I'm based in Oregon.

I put the property into an LLC and planned on renting it out, but I've had horrible luck dealing with shoddy contractors/handymen, and no luck renting it out using a property management company (Can't lower the rent because multiple PM companies I spoke with don't want to deal with a certain tenant class - and plus it would make my returns a joke).

I'm also losing a LOT of money on utilities (Electricity) to keep the house warm enough during the cold months. The home is old so I'm sure there will be on-going issues which will ruin my cashflow. I had an inspection done, but it seems the guy did a poor job of pointing out flaws and concerns that may pop up.  Oh well!

I'm honestly just tired of the whole thing, and want to sell it as soon as possible - even if it's at a loss. The loss isn't going to ruin me and I'm not cut out for this business.

I am on a K-1, not a W-2 and am wondering if I would be able to deduct any/all loses if I sold the property now in spite of having held it for less than one year?

My guess is that I will lose about $10K between the purchase and sale price (Estimating, haven't yet listed it) and then about $5-6K with regards to repairs I had made along with upfront PM fees, and the utilities I've paid.

Haven't had a single cent deposited into my LLC bank account.

Please advise. Thank you very much!