Many assume umbrella policies cover any major loss or claim, but umbrellas coverage is surplus general liability coverage meaning the primary coverage must be exhausted and generally only applies to substantial personal injury claims if applicable. 10.

The cost of dog yummies and dog food, etc.

Food assistance ,SNAP, will not be paid on 10/1.  

If you or your spouse materially participate in managing it (which it sounds like you do), you may also be able to use the losses against your W2 income, which can make a big difference at tax time.If cash flow still feels tight, you might consider shifting part of the year to a mid-term rental model (30–90 day stays).

Check out this chart: FICO Score Pct of Population Default Probability 800 or more 13.00% 1.00% 750-799 27.00% 1.00% 700-749 18.00% 4.40% 650-699 15.00% 8.90% 600-649 12.00% 15.80% 550-599 8.00% 22.50% 500-549 5.00% 28.40% Less than 499 2.00% 41.00% Source: Fair Isaac CompanyMake sure you understand the Class of properties you are looking at and the corresponding results to expect.Horror Stories from those that did NOT Understand What they were Buying:https://www.biggerpockets.com/forums/48/topics/1137397-baltimore-a-path-to-never-ending-painhttps://www.biggerpockets.com/forums/432/topics/1231840-sell-at-a-loss-or-rent-at-a-losshttps://www.biggerpockets.com/forums/311/topics/840134-memphis-turnkey-tenant-turnover-costshttps://www.biggerpockets.com/forums/963/topics/1195280-experience-of-oos-investing-in-cleveland-after-15-years

So at this point, I either sell at a one-time, bigger loss,  or keep renting it out and take smaller losses every month until the market recovers. 

I have a buddy who recently bought a duplex there and then sold it at a loss 12 months later because they ran into issues on the rehab they wanted to do.

Horror Stories from those that did NOT Understand What they were Buying:https://www.biggerpockets.com/forums/48/topics/1137397-baltimore-a-path-to-never-ending-painhttps://www.biggerpockets.com/forums/432/topics/1231840-sell-at-a-loss-or-rent-at-a-losshttps://www.biggerpockets.com/forums/311/topics/840134-memphis-turnkey-tenant-turnover-costshttps://www.biggerpockets.com/forums/963/topics/1195280-experience-of-oos-investing-in-cleveland-after-15-years

LOSSES) results.  

If average stays are under seven days and you materially participate, losses from that unit including depreciation can offset W2 income.