The tenant understands that the property of the Tenant is not insured by the landlord for damage or loss of any kind (action of third party, fire, water, theft, vandalism, storm, heat or cold, electrical damage, pests, mold, accident, etc.), and the Landlord assumes no liability for such loss.

Assuming you don't have a mortgage that requires a certain level of insurance, you can get a stop-loss policy covering all the properties. 

As firefighters persist in battling the blazes, many residents are left assessing their financial and emotional losses.

I think behind tenant screenings and leases there is a quality of a landlord that's also as a person that is the respect for a good person and the intelligence of making fair affairs.
For me for ten years in the past...

Or just looking to offset the loss?

Be mindful of a gift tax implications if you sell a house for less than FMV.Also be mindful of transactions between related parties when selling at a loss.

Cut your losses the first time they miss a payment and start the eviction process.

I did one house I may end up taking a small loss on, we'll see.

Depending on the loan product, you may be able to exclude business debt once the business has paid the debt directly for 12 months.The income and losses related to the operation of the entity will affect the income side of your DTI (like Jay explained) if you own 25% or more of the entity.

However, it adds up quickly if you analyze the cost of turning the unit, marketing, vacancy loss, and your team's time to find a new tenant.