I'm new to the investing world and am looking to utilize some home equity to make a purchase by end of year.

Can I deduct any expenses incurred throughout the entire year 2023 for that property such as utilities, insurance, repairs, mileage, maintenance and improvements?

If you still are unsure, have them send you a copy of their most recent (FPL) utility bill.

Plus covered garage parking and all utilities included. 

I looked into DSCR and spoke to a few lenders, but it seems I need to have 2 years of rental property ownership before I can utilize; I'm only approaching my 1st year of renting by the room, so I assume I'd need to wait another year before I can look into DSCR.

A couple ideas below:- Have tenants pay utilities if they don't already- Refinance into lower rate- Increase rents (or convert to mid term/short term rental or rent by the room)- Call the county tax assessor's office to ensure there was no mistake in the tax increase- Call your insurance broker to get you other quotes- Sell the property and 1031 into a better market that does not have those issues- Self manage if you currently have a property managerHope these help!

Beyond that, if it's a multi family, make sure you understand if there is a common utility service you need to put your name on so there is no service disruption. 

Loan programs that utilize AirDNA income projections to qualify can also be utilized for cash out refinances (if not currently operated as an AirBNB) although some lenders have a maximum cash in hand of $500k-$1M typically at a lower loan to Value of 65-75% for investment property vacation rentals. 

Operating Expenses:Consider all the costs of running a B&B and event venue—staffing, cleaning, maintenance, utilities, insurance, marketing, and supplies.

In AZ, almost everything is utility scale, so 2.5 acres isn't going to attract much attention from power purchasers or solar developers.