I have a lot I'm taking a bath on - can I deduct prop taxes, HOAs, architect fees - all the losses suffered in connection with terrible investment?

It wont be solved by doing the same things that created the problem.In California, zoning rules control the  way each parcel of land is used.

Wait...if it's a 4 unit, why not just go with a conventional 5% down and live in a unit and rent out the other 3your rate of 3.375% or whatever already signaled to me that it wasn't an investment rate but rather an owner occupied rate. youre young enough that living there for a year wont kill you.

But with a free and clear home, that is collateral that they know wont get withdrawn.  

And treble damages would be a very good thing even knowing the money wont cover the worry and trouble you are dealing with. 

I work for the State of California, (read good stable income),  and wont retire for another 15 years, unless I can figure out how to retire earlier through RE Investing. 

@Jeff Copeland Yea i have no experience in flipping and prob wont start now till I have better capital and more knowledge.

The ones that have had the same stores for the last 10+ years are suffering.

BP wont allow me to post their contact information, but it's on Google.

Unless there is some reason that a second position could force a sale in inopportune markets, wherein position #1 could suffer a loss, I really don't see why this would be an issue.