If your PM were on the ball, they would have recommended dropping the price after 30 days and found you a tenant to stop the bleeding.

D class Milwaukee and anything Gary is not a receipt for long term wealth full stop.. thankfully you paid cash.. thats the only way to get D class property to work if you leverage them your going to be bleeding..

In my market right outside of DC, often considered recession-proof with some of the best demos in the country, I know of multiple projects where the current owners paid too much have foreclosed, or are bleeding money as they try to get projects stabilized and paying for themselves.

Losing money is not fun and it sounds like you have to go get it situated before you keep bleeding money and not knowing where your money is going

I can find properties in my market that perform similar on a larger scale (more costly but similar percentages) but they bleed cash after the refi which is why I have not purchased in 2.5 years.  

Each new property or business increases their (and your) risk exposure.The LLC helps a catastrophic loss from bleeding over into your other properties.

Can you imagine a scenario where this does not bleed cash?

Once 6-12 months have passed, depending upon the loan program, you should be able to refinance it to bleed some of the "instant equity" out.

I guess this had to happen.10 years from know these places will be worth more than what they paid, but they are bleeding too much now to survive.It's crazy how low occupancies are right now all over the country. 

Can you imagine a scenario where this does not bleed cash?