For the last two years we have been sitting on the sidelines.  

I would imagine the LLC will have its own EIN, but we will still report the gain/loss as pass-through income on our joint tax return.

I enjoy college football, video games, and lifting weights. 

It's a small place so I'd guess it won't rent for enough to cover your expenses anyway so I'd probably sell, especially if the loss is small, it unless it's in a great neighborhood that you think will do well over time. 

To answer your last question, my realtor has contractor contacts I should be able to leverage for rehab budget estimates, as well as family friends with experience in the construction trades.

Then you can determine whether or not to hang on to that one or seek something somewhere else.Even the decision to move into other asset classes like equities or whatever will need you to factor in the loss of investing capital in the form of capital gains tax (plus 5 years of depreciation recapture). 

So you have to weight risk to reward.. and sometimes we have to eat one that we bought it happens..

Would you be taking any pay loss from the job switch? 

You don't mention if that's the case, but I thought I'd bring it up.You also won't be able to recognize any loss on the sale if that's the case.

Typically, this results in the loss of hundreds of affordable housing units.