[pbs911]

Have you thought about a lease with option to buy? Lots of people in Florida find this very attractive, particularily in that area of the woods. Personally I would not want to sell a house in PSL now if I was losing money each month. To many developers offering very low prices, financing, upgrades etc. Buyers are waiting, unless the property is the right property. That said. FL real estate is really holding its prices. To sell, however, you have to make it very attractive (I.e. lowering price.) At $179k you sound very competative without seeing the property.

Get a good tax attorney and you may be able to write off some of the losses for a rental unit.