Then you can determine if you made a profit, loss or broke even.Determining your sales price can only be determined by the market. 

Passive Activity Losses: Are there ways to offset my W-2 income with rental losses, or do I need to qualify as a real estate professional for that to work?

The older the home the more difficult (and therefore expensive) it's likely to be to restore a home to pre-loss condition2.

Virtually all large cap ex items have a life time beyond 8 years.   

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

Some may have very small thresholds for repair holdbacks on purchases but this is typically limited to make ready items not to exceed $2,500 in costs to cure.

The property has to be considered 'in service' for you to list it on your tax return.In service entails a couple of items such as1) The property is in livable condition - Working bathroom, kitchen and an area to live.2) The property was advertised for rent.Best of luck

There is a legit chance of a loss of initial investment.  

They learn from every loss, improve their process, and move on to the next opportunity.

I do want to point out though that Cleveland's population loss has finally stopped.