If you aren't already, I would start with your TSP to get the tax deductions and the match.

If you're allowed to deduct this loss, it will reduce your overall tax.

Also, as a passive investor, can anyone give me the broad strokes of any tax benefits they may also be entitled to similar to a solely owned piece of real estate or are those deductions pretty much off the table? 

Well, if this is JV or syndication, your investors will most likely cannot benefit from this deduction as it would be passive losses for them.

No higher premiums to cover it, no higher deductibles or different and more expensive policies just flat out will not insure the property.

The statement will contain an itemized list of deductions, with either a refund or a bill.

I love the slim margin deals since you can keep more of the money come tax time if you keep track of deductions.

Multiply that times four and a holdover tenant will be charged $133.32 per day which can be deducted from their deposit after they vacate.As for the damages, you could withhold for that but you need to defend your position it ends up in court.

From there it would be about optional coverages, and deductibles in my opinion. 

If you are already traveling to Tampa a few times per year and you plan to continue doing so - you may be able to turn those trips into business trips which would allow you to deduct the travel expenses from your income.