Consider balancing liability protection with administrative costs, and consult with a CPA to align your structure with your financial and legal goals.This post does not create a CPA-Client relationship.

Now I know this is most definitely something I need to inquire about when considering different policies.

@Adam Bartomeo I most definitely agree.

Because I'm not an accountant or versed in tax code and law wouldn't I want a CPA to ensure everything is legally tight and as advantageous as it can be? 

I wouldn't charge the tenant for that.The second leak was abuse/neglect, so I would definitely charge.

What is anticipated legal costs?

@Pavan K. it could definitely benefit you in 2024 if that's when it was placed in-service.

As someone that has previously worked as a financial advisor and currently works as a real estate agent, I think you definitely need an agent independent of your financial advisor. 

I would do my best to keep the property but there are definitely ways you can come out ahead by selling and paying off the debt/ reinvesting. 

It separates your personal assets from your business, providing a safeguard if any legal issues arise related to tenants or the property.