Insurance deductible is $5k and I was not planning on filing until I found out about the total loss of the wood floors.  

A new person doing an OOS BRRRR right now is ripe for a loss.

Additionally, strong tax planning is essential, as your W2 income limits your ability to deduct passive losses.

Be mindful of a gift tax implications if you sell a house for less than FMV.Also be mindful of transactions between related parties when selling at a loss.

The markets investors like you want to live in and invest in are often two totally different places, so don't limit yourself yo a single plan. 

So a loss of about 55k We did a lease to own option so I could immediately take over expenses but keep their primary resident loan and interest rate.We agreed to a deal which would cover all their expenses at closing, their remaining loan balance, and $45,000.

So a loss of about 55k We did a lease to own option so I could immediately take over expenses but keep their primary resident loan and interest rate.We agreed to a deal which would cover all their expenses at closing, their remaining loan balance, and $45,000.

We share the profits and split losses if any 50/50.  

Or just sell it at a loss… I need some guidance here, I know very little about real estate investing other than I know I’ll be losing money after maintenance and paying a property manager.

So many options that we are at a loss.