Then I find out a week ago they sold the property at a loss, ALL my capital is gone, and Ken McElroy goes on his merry way making youtube videos about how much money he is making. 

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.

Many rentals have losses on paper due to depreciation. 

Or just sell it at a loss… I need some guidance here, I know very little about real estate investing other than I know I’ll be losing money after maintenance and paying a property manager.

Yes all losses and returns the IRA incurs stay in the IRA until you take a distribution. 

This would apply to your unit.Your biggest concern with setting the rent should be the near future. 1) Your insurance is guaranteed to go up, probably dramatically.  2) You may get an insurance assessment bill to cover the CA Fair Plan losses.

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.

My basic underwriting making some standard assumptions on HOA expenses, 20% down, 7% interest rate, 30 year mortgage, utilities, supplies, and maintenance costs shows a loss of about $22k per year if you are self managing.

Once a complete loss mitigation application is received, the servicer must review that application before starting the foreclosure process.""

We share the profits and split losses if any 50/50.