It took lot of money and we went overspending on the property more than the appraisal value.If we sell the home we will end up in loss.

Sure, but you also wouldn't be incurring the loss (i.e., expense) of you staying there at the same time. 

I will add the cost of the eviction to what tenant owes, and if the cost is not recovered I will consider it a cost of doing business.

No loss on any investments. 

I've wanted to get into real estate for a long time but typically moving into that realm in a w2 position means a decent pay cut and probable loss of all the other good stuff.

One hurricane, one downturn, one localized series of job losses, and the house of cards falls. 

RE Pro Status supercharges this.If you or your spouse are an RE Pro, your LP investments can lead to depreciation offsetting both passive and active income.If you are not an RE Pro, the losses due to depreciation can only be used to offset passive income—such as income from other rental properties or other passive investments.

If you have any questions on this you might contact a few local realtors to ask about annual appreciation over the past few years.)If after considering all these things you still feel the property will be a loss you should look for a different property.

Using a company to do rent reporting to Credit Bureaus is a good idea to prevent the delinquency in the first place and at least increase leverage to recover the unpaid rent after it has happened.

After around 2 years of payments we sold the loan and went from a loss to a very nice gain.