., mortgage interest, taxes, repairs, depreciation) on Schedule E starting when the property is placed in service.

I don't know the answers on taxes, but New Jersey is the densest state in America.

Bigger Pockets is a great place to find a real estate tax accountant.A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

It is tax free in the sense that you will not owe taxes today on the cash-out.

I am in one of the higher tax brackets and could be saving around 40k~ a year on taxes with this.

@Eli JermanYes, you should hire a tax professional.

Can I pay property taxes in January that are due now, then deduct them as well as next years that I will (plan to, anyway) pay in December of next year?

all materials, all labor costs to others, Not you, utilities, interest payments, permits, licenses, auto/truck expenses, tools needed are all deductable. 

The absolute best way to avoid taxes is not earn income.  

@Anita Z.I recommend finding an accountant who specializes in real estate taxation, tax planning and financial planning.