Take the loss.  

"Newer" is good, too.I don't necessarily "need" the cash that's tied up in it but that is a big chunk of money I could potentially invest elsewhere (but without a known rate of return like I'd get on this place).I'd rent it, but I love cash flow, and that beats would could be a loss considering all of the time you've put in.The property is 2 hours from where I live so I need to find a property manager.Check with them on the rent and the candidate. 

Such as Vacancy, Credit losses (uncollected rent and skips), Pest control, legal, accounting, leasing.  

Fast forward to tax time / refinance time, my accountant is telling me that the profit from Kingsbury, was actually a loss associated with quit claiming Mayflower back to the sellers.

and profits and/or losses addressed.  

Each investor gets a K-1 showing 50% of the income/loss.  

There is what you give to your accountant that gets reported to the IRS on a tax return and then there is an actual Profit/Loss Statement.  

confirm the policy is specifically for a non owner occupied rental, includes loss of rent/income cov, and $1m of liability minimum.

Share your wins and losses so others can learn from your experience just like you have done.  

Depending how much you're owed you may want to consider writing it off as a loss and spend the time pursuing other ventures that are going to make you more money and not frustrate you.