What if there is a loss?

You can always carry a higher deductible and you aren't penalized for filing claims, so even if you carry 5k or the new 10k deductible and the loss is less it doesn't impact your premiums for filing it to see if you could get something. 

If they are able to take a huge loss with someone else's money, then carry it forward for a decade or two to offset any income taxes they might owe, they could make a ton and go all the way to Washington.

The property would have to have significant returns to make up for the tax burden and loss of company match to be a net gain for you.

Why have one you know is going to break even if fully occupied with a high chance of taking a loss annually. 

Your may be in a tight spot if the security deposit is not enough to offset the loss and damages.

If you experience adversity (disability, loss of job, divorce, etc.) it's way easier to weasel out of a rental than a mortgage.

I want to cut my losses early by switching PM.RE: Fees- They charge a flat $75 fee per door- which may be great for those who are pulling in $1,000+ from their rental, but for my $500-a-month one-bedroom apartments, that's 15%!

It's vital you leverage from experienced investors to mitigate your own headaches/financial loss. 

If it is too much of a loss, check the ID rules (you can check my blog on here if you're not familiar) and ID as many properties as you can within those limitations so you still have a chance to go check them out and worst case, you buy one and use some of your money to defer tax and take boot on the rest, or worst case, none are good deals, you lose the 1031, but better to at least ID a bunch and give it a shot.