Inherited property pushed negative-any options besides selling?

[Charles Feingold]

SFR rental in Santa Rosa, CA is projected to be $916 monthly negative. Rental income is $2400/mo. Operating expenses $1571/mo. Current mortgage payment is $1745/mo. Expenses include $240/mo paid to one partner for PM duties. Property taxes jumped from $1544 to $3420 every six months. Mandatory refinance after inheritance jumped mortgage payment by $200. Projected monthly negative for 2016 is $916. Only adjustable factors I see are the $240/mo PM fee to partner, $140/mo for yard maintenance, and rent. Eliminating first two and jumping rent $400 still leaves $130 monthly negative. Any other options? Thank you in advance.

[Rick H.]

You inherited this property but have a partner? Was this property distributed to you and your partner via probate?

Was the decedent a parent? Did you file form 58 Parent-to-child exclusion to reassessment?

Is this one partner + a property manager? Sounds like a top-heavy arrangement. 

Even if you eliminate a number of these expenses, you may still have an asset that doesn't make sense from a cash flow perspective. 

Presuming you have equity, would net sale proceeds be better put to use elsewhere?