If you are not, then you cannot claim a loss on that specific property. 

The next door neighbors (it's a multi-family unit) are also very nosy and in close proximity.The comp down the street sold at around what we are asking, but it took 90 days or so.I calculated the cost of money, utilities, taxes, etc, plus the loss of potential earnings on not recouping the money, at around $4K a month.

Although I'm still within the 90 day limitation:1) Can I/should I still list the property now?

I also got approved for a couple high limit credit cards. 

If you talk to the bank, their foreclosure or loss prevention department would probably know more than their regular customer service dept.

I use a separate bank account for each property, so my bank statements become my profit and loss documents.

If it isn't considered an investment property in this scenario what do i need to do for it to be considered an investment and show the losses for my tax benefit?

The property is in pretty rough shape and the owner would be selling it to me for his existing obligations on the property at a loss of around $60k. 

My insurance policy does include the replacement cost and also the loss of rental cost.

There is no inspection period for the most part or it is very limited.