I would assume that I should show a loss with no income for 2013.

I'd rather take a little loss on the front end than have the house sit vacant.

What works for me in any "up or down" real estate market, are what I call "life events": ...death, disability, childbirth, health issues, domestic issues, divorce, loss of job, relocation because of employment, retirement, legal problems, back taxes and many others, ...are all "life events" that can "motivate a seller" into selling their real estate!

I am kind of loss here.

I could rent out the one side for 1100... so already I'm at a loss.

No lease is an implied contract, no different than when you go into a restaurant and order food.

Sell fastSorry to hear about your loss.

Losses decrease basis.Just don't let your basis be zero as you will then run into taxable income.

@Krystal Baker so sorry to hear about your loss.

If you each put in 50% of the required cash, both of you are on the loan, and neither of you actually do any work on the property, then, yes, a 50/50 split on cash flow (or losses) would be appropriate.