I can help you dispose as well if I'm not interested. 

We include common areas, backyard, front area, noise regulations, roof access regulations. late payments, fines for pet waste, garbage disposal etc.

Our income is modest as my wife works part time, let's say around $120k/yr, not a lot of disposable income but we're comfortable.

That is your estimated income.Minus the costs to run it: rent, insurance, automated online services, cleaning (although guests usually pay for this) utilities, internet, disposables. 

If you have other passive income from real estate or other passive activities, you can use these losses to offset that income.If you don't have sufficient passive income to offset with the losses, you can carry forward the remaining losses to future years until you have passive income to offset or until you dispose of the last of your passive activities.Offsetting Other Income:Passive activity losses are generally not allowed to offset non-passive income, such as wages or dividends.However, when you completely dispose of all your passive activities, you may be able to deduct any remaining unused losses against non-passive income.

I figure I might as well ask if the families (who are both from out-of-town) want to dispose of the property in the most painless manner possible.  

The complex has a mix of 1, 2, and 3 BR condos, and the 1 BR units are in the sweet spot for us, in that their price is too low for conventional financing, leaving cash sales and owner financing as the primary options for incumbent owners of single units looking to dispose of their apartments.  

With resources such as BiggerPockets at my disposal, I will continue to learn and expand my experience, while growing my business and hopefully helping others along the way.The local market has obviously changed a lot in the last 10+ years since I was flipping full time.

@Mark Stone No, they are suspended until you have passive income to offset them or you can deduct them when you dispose of the property. 

Hi Brian, You have numerous options and resources to choose from at your disposal.