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If you want to find out more about wrapping as a strategy, there is a best selling book by Steve McKnight, 0 to 130 properties in 3.5 years that is a must read. It should be at any decent sized book store.

If you take a loss, at least you would get some tax back. From the sounds of it, every month you hold the property you are moving backwards. Have you looked into selling it under a "wrap" agreement, aka vendor finance. This is where you provide finance to someone else to get into the property...