Refinancing does not count as a taxable event.

After standard deduction 24,800(married filing jointly), I have a negative taxable income of -24800 which is same as 0, meaning I don't get any bonus points for having large negative income.

Your taxable profit = Sales price - Original purchase - rehab costs - holding costs

So I’ve been reading the new advanced tax strategies book and according to the book, because I am a 1099 realtor, I can use the pass through deduction to take off 20% of my taxable income.

These add up over time, and all of the cumulative depreciation deductions you’ve taken are considered taxable income once you sell.

You are asking about two different things:1) Are the proceeds from a refinance taxable as income?

As @Lucas Carl said, all money received in 2019 is taxable on your 2019 tax return, it doesn't matter when it was for just when you received it.

Typically cash out from a refinance is not taxable but does it become taxable if excess is given to LPs beyond their initial investment? 

The Lodging revenue is from the Pigeon Forge city website and encompasses ALL taxable lodging revenue, as such I think it's a pretty good indicator of overall rental income.

@Shafi NossYour analysis does not necessarily make sense.Distributions from a partnership does not necessarily mean it is taxable.