Back before I retired, I didn't need any of the cash flow at all so all profit just rolled back into more properties.

Id like to understand what the most profitable way to fix up a current 1,700 SFR in a 6,200 sq. foot lot would be?

Basically for the majority of folks on BP, if you own a business registered with the Secretary of State, smaller than 20 fulltime employees, you will need to register. https://www.wolterskluwer.com/... 

Look for ways to increase profits but without cutting corners.

When investing OOS, consider targeting markets with major corporate relocations and expansions.

If both houses were sold in 2024 then the loss will negate the profit from my understanding.

The thing that the gurus never tell anyone is that the majority of creative finance deals are done by investors who don't need creative financing, that is their leverage and why they can walk away, thereby making them more attractive then the one person who can only do the deal one way because they have no money of their own.

Keep in mind the more you write off the less money you will show as you net.If you have (2) full years and depending on how the accountant files your taxes you will have a schedule C more than likely or another schedule that shows profit and loss.

Should I buy it and take  500-600 less profit per month knowing I can sell it for a large profit as is or even more if completely remodeled?

All of the multifamily I have looked at in my area are not profitable due to prices being much higher than rent currently.