Here are some other relevant facts:1) The house is cheap, but we're losing about $500 month (just PITI & utilities).2) It's located 175 miles from my home, so isn't readily accessible.3) I do not have any reliable contacts in the area.4) Rent MAY be able to cover the PITI, but no maintenance or management.5) I'm a new REI with a new LLC and am working on my first real purchase deal for renting (much closer to home).Any suggestions for how to turn this around to be profitable or stop the bleeding?

Need to get them out to stop the bleeding though immediately.

I have another commercial property that isn't rented right now and it won't sell either but its almost paid for so not too much bleeding going on there. thanks JH

Why is this unknown business so unique that location doesn't matter, if it's in the same city it sure will matter, your existing clients will have an option of which location to go to, that can bleed the original operation and you're not really picking up new clients.

Sellers are sometimes just happy to stop the bleeding and will accept a ridiculous offer. 

I'm not looking to get that speculative and I don't have the capital to just bleed money.

Both are swell, I think it a very wise decision to get involved with the Miami market.

I've done 1% lease options trying to stop the bleeding and they almost always came back to bite me in the ***.If you can afford it, I'd say market it right and see what happens. 

These properties are guaranteed to bleed cash!

Not even close to covering debt service of $1 million or even 1/5 of that, and thus, is a cash bleeder.As I stated before, unless you have done deals in apartments before, you should run, or possible refer someone to the deal for a possible bird dog fee.If you have done these deals before, do your due diligence, get your very large reserve account ready to bleed, and start the work.