Keep in mind it is a risk and speculation, if something happens(market tanks, job loss, etc) then you will be out money.

Legal consequences and potential financial loss that could have been avoided with timely updates.2.

We have life time losses to uncollectable rent/financing payments to prove we back up this claim.   

Have you ever had a capital loss?

However, the tax treatment differs between short-term and long-term rentals:Short-Term Rentals (STRs): If you materially participate (work 100+ hours and more than anyone else on the property), you may be able to offset rental deductions against W-2 or other active income, offering greater tax benefits.Long-Term Rentals (LTRs): If your AGI exceeds $100K, your rental losses may be limited, unless you qualify as a Real Estate Professional (REPS).If you plan to expand your rental portfolio, consider an LLC later for liability protection and easier management.

There are ways you could do this, but it sounds like you've already resigned yourself to the loss so I won't bother.

Once again, I had to ask my family for financial support—a daunting task after the first loss.

I can release my properties without much loss if I have to. 

I would consider adding loss of rents coverage.

@David Woodside The 500-hour rule allows you to treat rental losses as active, enabling you to offset other income and reduce your tax bill significantly.