If the investment was a poor one, continuing to lose money on it is...just losing more money. 

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

If not, I’d bet there was no partnership return.Assuming a 50/50 split, you should take half of all income, expenses and profit and report that on your return.

Some sort of owner occupied strategy (house hack or live in flip) is probably your best bet for a first investment.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

Your best bet is going to be to join the facebook groups, there are 3 major ones in Lansing.

If you're looking to avoid a rather large tax hit, a 1031 is probably your best bet.  

It could be the tenant doesn't like to fully close the door because it gets too steamy in the shower.Water leaks can be tricky, but in my rentals, more often than not, it is an action by the tenant and not a plumbing or poor construction job.  

So a nicely decked out  cabin I bet would rent real well for STR purposes  Not sure about permits etc..

Thank you thoughCompetitive might have been a poor choice of words at my end.