@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:(

Are you able to take capital loss on taxes and if so how does that work? 

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

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)

There are other options such as harvesting capital losses on other financial instruments, but the stock market has been pretty good lately, so that may not be an option.

If the project goes sideways, you are not 100% liable for the losses.

As long as one person is a real estate professional, you can usually use rental losses offset joint income.

Hopefully its not a big loss.

@Jay Hinrichs @Patrick DesjardinsWe rep and warrant all notes (both re-performing and non-performing) to be a valid lien and to be in the lien position as disclosed at the time of purchase.Our current performance warranty on re-performing notes is as follows:"In the event that a re-performing note becomes delinquent, or enters non-performing status, PPR’s Loss Mitigation Department will notify the note investor within 30-60 days and then attempt to address and correct the payment issue prior to the loan becoming 120 days past due.

Here’s how it benefits you:•Faster Evictions: The expedited eviction process minimizes financial losses from unpaid rent and property damage caused by squatters.