You have an unrecorded operating agreement giving you 99.9% of the income, assets, losses,etc.However, this is probably overkill.   

Even in 2023 when everyone in real estate suffered major losses, exp returned a profit. 

Quote from @Bruce Cook: You should hire a professional property manager before you make a real mistake that costs you tens of thousands in losses.

Can your income sustain the loss and when will it cash flow? 

(Food for thought)10% for Cap Ex & 5% for maintenance sounds fair and consistent with many BP suggestions.If it is value add and you do renovations, then hopefully your place will be "like new" and won't have many of those repairs/maintenance/cap ex issues early on. 

You can specify the coverage level for the dwelling, household furnishings, loss of use, liability, and medical payments to others.

Hello,Can I include rental loss in my tax filing for last 3 months of 2023?

You're guaranteed a loss of $115K.

If you’re set on taking the loss and speed is more important, try Opendoor and offer pad. 

This causes owners to take a cashflow loss of $25 to $50 per month.