However, my question is about damage that occurred because of natural events, made worse from neglect.

Having multiple properties minimizes downside risk of vacancy, natural disasters, and you don't have all your equity sitting in one place, which is a target for lawsuits.  

It is also along the revitalization path in my county. 

It's all a 1231 loss (which is ordinary in nature).E.g.

Each property is different, so it is natural that the terms may need to be tailored specific to a property.

Therefore, any losses from the apartment complex would be passive in nature and would not be able to offset W-2 income -- they can only offset passive income.

Do I pay that down faster or do I save for my next down payment and let that debt drop off naturally.

Hey Caleb, I'm new to this as well but thought I would share some info you might find useful if your looking for areas to invest in DFW.In Fort Worth there is an area called Scenic Bluff (sometimes referred to as Four Points or River East) that's being revitalized.

Or you could buy in a tougher part of town that is 2-3 years out from being revitalized, buy it for cash via off-market or sheriff sales, board it up then come rehab it later on once the area has started to pick up.

Solid wide oak floor that we refinished & all the built-in natural wood cabinetry had leaded glass doors as were the windows.