See the attached breakdown of losses for more details.

They did make up rules as they went along because lender #3 (we dropped him) cut the qualifying income by 35% based on pandemic k1 losses but lenders #1, and #2 did not count them at all since capital ownership was <20%.

At this point, I see only 3 options1) assign the contract to someone else, meaning sell the apartment (but I will need approval from the developer)2) talk to the developer and ask for a minimum one-week rental (Min City Regulation) at least for the 1st year to get over the bad time.3) to just go ahead and purchase the apartment and suck up any loss I might make and try to get in refinanced as soon as possible with a lower interest rate.What are your thoughts?

I am hoping for a very good prime season to recover some of decreased revenue.   

We are a group of Latin American investors who are experiencing economic losses due to the irresponsibility of ABC Capital.We have found on the public page www.courtlistener.com two actions where our office of trust in real estate investments and property manager, to whom we entrust our investment and assets, are sued.We put at your disposal both actions; with the warning that they should not prejudge, since it will be the court that hears the case who passes sentence, since it is the one that knows the evidence presented.https://www.courtlistener.com/?

Your ineptitude may amplify your losses:(You're also jumping to assumptions.We've had out-of-the-county investors that we could NOT legally send funds to because they hadn't supplied us with the IRS required documents - and they didn't respond to our numerous communications to get them.Once we obtained the proper documents, we sent them their funds - by the way, we did send monthly Owner Statements, so they had the info to see what was going on with their portfolio.So, that brings up another question - what information have they been sending you and when have they been communicating?

I am considering buying another rental in my name that will generate a loss but will help me build equity and reduce my taxes.

We were told that none of our real estate losses could be deducted. 

Fingers crossed that it closes soon and keep my losses a little lower.

Starting next year, I’d like to use the property as a primary residence, but I’m trying to take advantage of bonus depreciation running it as STR for remainder of the year and take the paper loss against my spouse’s w2 income.