It is unclear what you mean by "short sale contract ends soon" . Do you mean you have the property listed as a short sale?
Or you have a HAFA or FHA short sale approval,but have been unable to find a buyer to meet the terms?
Either way, you will likely still be able to short sell the property, but have to take some more steps to make that a reality.
If renting out the property doesn't provide you with enough cash flow to keep the property going, then it seems you will be forced to deal with the problem eventually and are only delaying the inevitable.... more