Put it on the scales, it's a loss.

If your expenses associated with the rented portion exceed the income, you may have a tax benefit if you are eligible to deduct passive rental losses from your other sources of income.

I listed it for sale, I need to cut my losses.  

It's just gonna be peppered in with more stretches of loss. 

It was not uncommon that they bought some of the worst houses (weird layout, dated, much deferred maintenance) in the nicest neighborhoods and then would try to relist them as-is to make a profit before ending up having to do the actual work required to the property for it to sell again, selling at a loss, or maybe making a little bit of money in transaction fees.

Or should I cut my losses, sell it now, and look to invest in something else later?

We have a dozen or so properties there, that are without water indefinitely, perhaps as long as month.Of course, that's small change compared to the utter destruction and loss of life.  

Alternatively, some insurers will use the term Loss Payee.

they can apparently help you with loss of rent.

Should I recover 1500 from him or 500*12?