It's been on the market for a while with no solid offers.I'm facing the decision of selling the property at break-even or potentially a loss, or renting it and waiting for a better market.

An LLC is going to help you lower your taxable income if it has losses.

I’m still going through the learning what questions to ask phase.1) profits and losses?

Don't start buying the cheapest thing you can find, you'll end up spending WAY more- especially in a MFH, you'll be multiplying your losses. 

You'll be viewed as having influenced the borrower and causing the loss, if you attempt to foreclose it then may appear that you did so to take a property.

asset worksheets for each depreciable item - between 3 and 30+ pagessupporting statements for line items - between 1 and 10 pagesautomobile expenses worksheet - between 2 and 8 pagesForm 1098 worksheet(s) - between 1 and 4 pages per mortgagestate-specific worksheets, MAGI worksheets, passive losses worksheets, and a whole lot moreBy the way, including these extra worksheets will not create more work for me, they are already inside my tax software. 

This has been a very tough pill to swallow.

Even though they didn’t collect enough to cover the total $35k loss.) and a week later I walked the property to confirm I was happy. 

Would you have net income or net loss without the cost seg study?

I know this is not ideal and I need to streamline into one PMS for future growth but am at a loss at what is available for different payout accounts to be associated with particular listings on OTAs.