As the tenant moved in the first week like 5 things pop up ( leaks/ Water heater not working and several other small things) the total is going to be about 800$ i found a local guy to repair them but his labor plus trip charges and parts are racking up, and hes cutting us a deal because his per trip charge is $125 Range. 

I have it listed at 1300/ month with water included.

Also, Pilsen is notorious for being lower in elevation, and sometimes some of those basement units have water issues....so double check to make sure the building is water-tight.

There should definitely be a 10% minimum downpayment if we want to keep people above water.  

It has been running as a short term rental and is under water and I can not afford to hold it.Anyone willing to help me figure out options to sell or give up this property so I can start rebuilding my finances?

There’s no electricity or running water at this time.Could someone please advise me on the proper process for taking possession of the property in Virginia?

I'd check the water shut off valves (under sinks) - if they are "old" knob style, id try to turn them to shut off the water and see if they leak (they do tend to do it over time) - replacement can be costly because it will require water shut off to the entire building (unless you have the individual main water shut off) - it will have to be done thru HOA, increasing cost. 

we had a gas hot water heater, big name brand with a six year warranty go out at about 6.5 years.

And as corporate layoffs in October were at their highest for the month in 22 years, we have some rough waters ahead in terms of consumer discretionary spending.

I put a new well in back lot to feed water to all new buildings but since I have recently sold that property along with two other duplexes and retained rights to use water lines I put in for a monthly fee.