It does need maintenance at least once a year with Leather Food or the like to keep it nice.

Hi John - Under the passive activity loss (PAL) rules, you can deduct rental losses against passive income. 

Risk of Losing Multiple Properties: If the borrower defaults, the lender can seize all properties used as collateral, which can lead to significant financial loss.2.

For example I hold the core of my real estate holdings without debt (because I'm a conservative investor and I'm more concerned about preventing a loss of money than I am with attempting to maximize potential return).

Income Late fee Gross rent Expenses Advertising Cleaning Gardening/lawn mowing Insurance Interest on loan(s) property tax Legal expenses Pest control Property agent fees/commission Repairs and maintenance Water charges Electric Bill Total expenses Net rental income or (loss)

Selling your property now will incur commission fees, so you’ll take additional losses on the transaction.

@Lucas Schlund the same thing that happened to all the STRs in NY City when their ordinance went into effect, as well as many other cities.Owners must comply and the government doesn't care about your potential losses:(

I'm sorry to hear about your husband's job loss.

Hopefully its not a big loss.

Just some food for thought for anyone looking to invest in the immediate area.