A few things I do personally for clients is: create a P&L, market to my buyers list, pre-market the property online where the target audience is, and make a plan for bookings and the booking calendar to minimize losses while up for sale and operating simultaneously.  

Until more investors learn to operate their real estate businesses correctly they will be at the mercy of greedy asset protection services who take advantage of their own naiveness and upsell on unnecessary services.

By the time we paid the legal fees to our lawyer to do the conversion and the reduction in the balance of the loan took a major loss. 

Book losses through bonus depreciation.4.

You can also use bonus depreciation on the entire property, but only the STR-related losses can offset your W-2 income.

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. 

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

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.