You are already losing money on it so you should either cut your losses and sell or be comfortable losing money on a monthly basis with the expectation to make it up on the sale down the road (see you're in FL so you might need to wait a few years).

They all lead to a significant negative monthly return due to one or more of the following reasons:1) Asking Price is too high2) Traditional loan rates (FHA and Fannie Mae) are too high and affect total debt payment3) Existing rents are too low, so loan underwriters won't approve.4) Market Rents aren't high enough5) I would like to use the minimum down payment with FHA (3.5%) or Fannie Mae (5%).So, from all of these attempts, my understanding is the only way to make a house hack work in this region where I would at least breakeven on a monthly basis, is to purchase at a significantly lower price, lock in a nice creative deal or bring up my down payment to at least 20%.

It was a heavy value add deal at a great basis.

People rent on a month-to-month basis all the time.

Learn how to be a Go-Giver - get the book - read it - employ it - use it every day of your life & see how being a Go-Giver can change your outlook.

They are people who take risks everyday that their extremely large investment won't be trashed while the tenant doesn't pay rent, all the while self righteous snowflakes try to make it more difficult on the landlord to remove the scum, while preaching to the public how landlords are evil for raising rents. 

Pressure on rent's has long been here, we had a first inflation surge, now we have basis pressure pressing ALL landlords, including those hold-out's, to elevate which moves the basis up-up-up, relieving downward pressures which, gives more room for upward pressures to be realized/relieved. 

I've heard that 87% figure tossed about all over the internet, but have found no study or basis for it, other than it's often repeated, perhaps because it suits the purpose of the people using it.Whatever the percentage failure of licensed agents, I'm sure it's quite high.

Good advice above, but wanted to also say that many times people have a much higher basis than they think they do in a property.

Be mindful when you do the cost segregation study, the basis will be based on the carryover basis factoring in the deferred gain via 1031 exchange.