Taxes like Donald Trump - Question

[Kevin Wasie]

According to a recent article published on NYT, over 90% of Americans strongly agree that it is a civic duty to pay your maximum taxes, and many find that trying to dcrease your taxes is unethical.

Personally, I want to decrease my tax burden, and pay the IRS what is legally required of me.

I am new to investing, and want to understand the taxes. I have a few questions for a deal that I am working on right now.

I have a property under contract, that Is going to be a BRRRR deal.

The attached picture shows the key values... I am buying it for $70,000 and putting $40,000 into repairs. For the purpose of this discussion, assume that I am paying cash for the property on January 1, and there are $0 closing/refinance costs. I will refinance to 30% LTV of th ARV which is $150k

My questions:

1) is the "with rental" scenario correct? ... is it right that I will decrease my tax burden by the $40,000 in repairs? 

2) it looks like, if my math is right, that I will owe about $8000 less in taxes this year, and will have everything but $5000 returned to me at the refinance time. So, I'll actually gain $3000 of net worth, plus the forced equity, and I'll have a great rental.

Does all this look right?