If you aren't keeping track of the carryforward losses you could be missing out on tax savings in the future. 

You're essentially taking a 10-20% loss on day one. 

Also, to further protect yourself from large assessments, a condo owner can get what is called an HO6 or loss assessment coverage through their individual insurance carrier.  

We’ve all heard the terms fear of loss and fear of missing out.

I'll definitely get all of my investment and money spent on overhead back in the refi, but do I continue forward with the BRRRR, take the small loss each month, and bank on rates eventually coming down some more where I would refi again to bring the payment down OR pivot to flipping it where I'd make, easily, $40-50k net profit AFTER setting aside capital gain taxes?

The learning curve a killer but now I am stuck on unloading my burden selling it to break even or renting it out at loss. 

It won't make a difference, the total income / loss will be brought to page 1 of your 1040 or carried forward.

If she forfeits her last month's rent and deposit, that gives you through February to find a replacement Tenant before you start to incur a loss.

I'm able to take a significant number of passive losses on my rental properties. 

Basically you get rid of your operating deductions and file on a Schedule C vs Schedule E.Here is an excerpt from an IRS document - https://www.irs.gov/publicatio...Schedule C (Form 1040), Profit or Loss From BusinessGenerally, Schedule C is used when you provide substantial services in conjunction with the property or the rental is part of a trade or business as a real estate dealer.Providing substantial services.If you provide substantial services that are primarily for your tenant's convenience, such as regular cleaning, changing linen, or maid service, you report your rental income and expenses on Schedule C.