Your profile mentions that you are an agent with rentals.You would want to see if you are able to claim real estate professional status.If you are able to claim real estate professional status, you can potentially offset the rental losses with your real estate agent income.Furthermore, TN does not have a state income tax allowing you to be more open with your options.Best of luck

Hey Nitesh, so sorry for your loss.

G*d forbid something happens and there is a fire or other loss.

Or don't and suffer huge losses due to subpar leasing and property management operations.

All cash costs, and negative CF is a loss, must be recovered before you can make a profit. 

The rental might be vacant for a month,(8% loss) or a tenant might not pay for a month while you pay to evict them.(8-16% loss)  A $1,000 appliance/water heater, or a $8k rook or hvac unit might go out.(5-40% loss)  You should be paying a PM 8%.

I can afford to have the unit empty, but obviously don't want to do that, and am at a loss around what I should do going forward.

You can also recapture loss's in it compared to a C or S corp. so it does have tax planning benefits.  

If you can hold on till first part of January the showings and everything else should pickup.This would be my action items: 1. hire a new agent that can sell the place, and get you numbers are rent and selling and sell the place. 2. be honest on the numbers you can get on an ARV so that you can sell it 3. start to get the conversation started with a couple lenders on what these numbers on refi would look like for you and this property 4. my suggestion would be to refi/rent before selling at a loss because if numbers work you can hold for a couple years then sell, but this is dependent on your cash position and liquidity of your situation. 

Start with a small deposit, to minimize your potential losses.