(or possibly more IMPORTANTLY Potential LOSS in other "investments"?)

There are four fire stations in the 10min distance of my rental property so the chance of a total loss is very slime I guess. 

Do you know all the expenses that you are entitled to deduct.The main ones are real estate taxes, mortgage interest, insurance, repairs. however, there are others.Once you file the partnership return, do you know if you will be entitled to take the losses(assuming there are losses) on your personal return.I think preparing your own return is great if its simple and you don't have major investments like real estate.

I am almost exclusively in the C market, so have limited experience with anything better or worse, and would appreciate your thoughts as I've been thinking about moving into the B market.Regarding large losses: one nice thing about Cs is they are often cheaper to fix. 

Sounds like you need to weigh out cutting your losses now vs weather the storm on the property and hoping you have equity in the future.

Move on cut your losses

There's a reason diet pills don't work. 

To me, that's a loss.

Cut your losses and move on. 

She strongly recommended that I hold the property, even at a fully-loaded loss, because the tax savings more than offset paying those short term capital gains.