LLC taxes tax filing on house flipping

[Sherman Martin]

Good day,

I am new to bigger pocket. My partner and I formed an LLC in 2019 and purchased our first property in 2019. We purchased the house for cash and the house is under our name (not under the LLC). At the beginning, we decided to renovate and rent the property but down the road we decided to flip the house. We spend most of the renovation expenses in the year 2019 and some of the expenses in 2020. We are planing to put the house on the market by end of April 2020. When it comes to filing taxes for the year 2019, here are the questions I have.

1. Since we brought the house in 2019, and did not generate any income but expenses(Renovation, Holding cost etc), what is the best to file 1065 K-1 ? Should  we report the income as zero in  the  form 1065 or can we deduct all the expenses and show as a loss ?

2. Lets assume we file the K1 for the year 2019 with no business conducted or zero income generated, Can we use the renovation  receipts and other expenses from 2019 toward 2020 tax deductions after selling the house in 2020.  I am little confused that sometimes you don't buy and sell houses within the same fiscal year

I have an appointment with my CPA but before that I would like to educate myself. Thank you very much for all inputs.