My wife and I are at a loss of what our options are to get out of this.

I have had no major claims in 20 years and no losses since I have been in Florida since 1993. 

A real estate professional is allowed to take rental losses against ordinary income.

In some cases, folks recognize losses that they can carry forward to offset future gains.

Whereas my other LTR rentals B,C,D,E etc, can accumulate/share deductions and losses , as well as carry over.

Geez  I would be talking to your HML right now as I doubt they want to take it over.and try to get a workout with them ASAP.. sounds like its going to be  a loss anyway you cut it and I have to think you put up cash for a down payment as well. maybe someone else will have some pearls for you.Wholesaler is going to low ball you for sure.

They don't have a strategy for you because as I said, a one-off is a loss for a company.

With this being my first apartment deal I am more unsure about underwriting this type of deal and was hoping to get somebody who is more experience in multifamily to look at the proforma, T12 profit and loss, and rent roll to tell me if I'm missing something or to let me know of things that I should be looking out for.

Being a licensed agent obviously saves me the commission loss, but I would like to at least hold more than a year to stay away from short term capital gains taxes.

I could not imagine deals having losses like that and the devastation to the investors and their families.