"An no one will now rent, since your building has an effective value of $0 since it has become crap."
This isn't true. You will have put money into the property to keep its value up, also writing off all of those expenses, so that you can still rent it out.
This isn't true. You will have put money into the property to keep its value up, also writing off all of those expenses, so that you can still rent it out.