I'm looking to learn more about options exist when you no longer qualify for Rental Losses as a Non-REP when income is above $150K.

See if it's feasible. 

A fire, flood, loss of power etc.

There has been no serious drama, just a failure to receive payments and loss of communication with the tenants.

Had my first fire, looks like it will likely be a total loss.

Could be a loss or you might break even but learn from it and move on

Suggestions: Insurance, the buyer selects the company and pays it and the note holder is listed as a "loss mortagee" that way if it get's close to renewal, you should get a notice as well about it and then you can check to make sure it's current.

@John GillumYour plan is completely feasible, especially if the property already has utilities (Water, electric, sewer) hook up. 

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If I pay for consultation now $200 and later for the eviction - it will come up to $1000, and it will add up to my losses.