*Expenses hurt, *Refi unhelpful.. Personal Tax Returns BRRR

[Kent Lord]

I'll be as clear and quick as I can:

I recently finished renovating a 5 plex and SF house in NE, then subdivided the lot to create two different properties. I then refinanced them with a local bank, success, kind of.

A. Buy: Purchased $100k owner carry for 1 year. I put $10k down to owner. 

B. Renovate: Just over $150k. 

C. Refinanced: 80% LTV, new loan $235k left in deal $15k

D. Repeat: As I am preparing my tax returns with my CPA here's what I am running into. My books now show my expenses -$10k and -$150k to equal -$160k. **The new loan of $235k is not income, so my books show a negative. Stopping my ability to finance another deal. Renovations hurt me and the new loan is not helping. 

Has anyone ran into this issue before? If so any insight?

- I have done 5+ flips but this is my first BRRR. I will be discussing this in a meeting with my CPA next week.