Just based on the info you provided I would take the loss and move on.

I have REPS by actively and materially participating in my rental property portfolio, and also work as a real estate broker full time (1099 collecting commissions through a single member/purpose LLC) from buildings I sell.My losses from my rental properties (LLC #A) largely offset any federal and state taxes from my brokerage business (LLC #B).

•Pricing slightly under market can speed up leasing and help you avoid unnecessary vacancies.

My takeaway was never to tell the insurance about a loss unless you actually do have a loss.  

@Anne Christensen A Wyoming Trust is generally unnecessary for your situation.

I'm just trying to decide if the home is worth fixing and renting or do I just cut my losses and tear it down and use the property for other purposes.

They have been incredibly transparent but they are currently deciding on a capital call or selling the property at a major loss (70-80%).

Buyer as ghosted me as I suspected she would and now I've loss 30K with no way to collect.

Ask me privately.Financial Highlights- Gross Potential Rent: $98,061 per month ($1,176,732 annually)- Total Income (5/1/2023-4/30/2024): $1,357,459.80- Net Operating Income: $896,896.09- Existing assumable loan: $6.7M at 5.38% fixed rate until 2029Value-Add Opportunity- Partially renovated property with potential for further upgrades- Current loss-to-lease suggests room for rent growth- Opportunity to implement operational efficienciesMarket Dynamics- Huntsville's population grew 9.4% between 2020 and 2023- Strong job growth, particularly in aerospace and defense sectors- Significant multifamily supply growth (15.9% inventory expansion in past year)Investment Strategy- Assume existing favorable financing- Implement value-add renovations to drive rent growth- Capitalize on Huntsville's robust economic expansion- Target hold period: 3-5 years to align with loan maturityRisks and Considerations- High market-wide vacancy rate (17%) due to recent supply growth- Potential for market softening due to rapid inventory expansion- Property age may require significant capital expendituresThis opportunity offers a blend of stable cash flow from the existing operations and upside potential through strategic improvements, all underpinned by Huntsville’s strong economic fundamentals.ⓘ This is not an offer, solicitation of an offer, to buy or sell securities.

My accountant's office called me the other day and let me know that I could amend my 2022 tax return and claim losses due to Hurricane Ian to a primary residence property and a investment property.