Don't forget transaction costs, seller concessions, vacancy loss if you sell vacant (which you should), capital gains taxes on the profit if there is any, etc. 

In today's market, many office landlords would much rather walk away from their properties and take a loss than fight to attract tenants and avoid foreclosure.

Also, there are no coverages for the most common homeowners' losses like water backup-- it's just standard coverages.3.Youshould get insurance as soon as possible -- there should be insurance on thecondo at all times.

You want the flexibility to access your money sooner.4) Tax Benefits from Real Estate: When you invest in real estate, you can take advantage of depreciation and losses to reduce your taxable income today.

@Dylan Speer sell it, come up with the negative money balance, write the loss of on your taxes and move on with your life.You can sell it "subject to" to someone looking for a home with no money down and save on Agent commissions?

@Nicholas Pisano real estate investing is a long-term game, not overnight.Have seen many newbies jump in a buy several properties, then when things don't go according to their unrealistic plans, freak out and sell at a loss.A past client is doing that right now - they bought 5 properties from a high-pressure agent, hired us, micro-managed us to try to meet their unrealistic expectations, terminated us and hire another PMC to "save" their portfolio and went that didn't work out, are now selling 3 at a loss. 

Plus if you want to do the STR loophole and offset your active income with "losses" from your STR, you will need the losses to flow to your personal tax return.

My worry is always having the means to be able to take care of that monthly loss down the line.

The potential for loss of rent and damages could be way worse than the small price of vacancy.

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).