Sorry for your loss. 

STRs have very substantial tax advantages compared to other strategies as long as proper tax planning is done.Let’s start by getting an understanding of how rental property loss recognition has evolved over time.

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.While the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall annual loss.

I myself am into the six figures in losses so far...

I will say it is equivalent to a profit and loss report, so I would think it would be sufficient for that purpose along with some other reports I'm sure they will need.

. --- If you close on the property in November and immediately send the 30-Day, you LEGALLY have to wait until January 1 to file a landlord-tenant case to regain possession is the tenants have not vacated.4) Your rent losses will be November, December, January, February and probably March if the tenants choose not to pay and you have to evict.--- Make sure seller at least collects & prorates November rent to you!

This is where a lot of people make mistakes and then keep those mistakes going until they decide to outsource it.Also, Tax Accountants can create Profit and Loss Statements but that isn't their specialty and they aren't focused on keeping your financials in order.

What are some ideas should i explore so that I can minimize the financial loss in this situation especially given I cannot refinance even if the rates were 0% as my property value won't appraise.

Stock gains are considered capital gains and can't be offset by passive losses from your real estate portfolio.

Landlord has to suffer the loss.