Exit Strategy - throwing good money after bad?

[Michele R.]

Hi everyone! This is my first post so here it goes! I am new to BP, but have been investing in RE since 2003 while keeping my day job. One important lesson I have learned (albeit I wish I learned this years ago!) was to formulate not only a buy strategy but exit strategy early on. I have managed to keep my good credit and not walk away from underperforming properties since the market crash..
However, I am struggling as to whether I should continue the strategy and keep an alligator property or to just throw in the towel? Here are the facts: I bought the property in 2004 for $206k SFR, 4,2 1800 ft2. With $13k cash in game. I have lost $31k since 04 in negative cash flow and currently owe $180k. I am renting it for $1000 and lose $500 per month. I am also concerned that Vegas is a recourse state. I am really interested in what anyone has to say that could help me through this. Thanks!