Atleast if they let the property tax to be subtracted from the rental income when applying 30% taxation it would be a good relief. 

You obviously won't be able to find exactly similar houses, but by adding/subtracting for different features (more bedrooms, less sq. footage, etc), you should be able to find a reasonable estimate.

Sidewalks generally don't add or subtract value to a home.

Either way, the income and expenses for a rental are added / subtracted the same regardless of your personal return or a LLC. 

You have to subtract what you put into the deal to calculate your profit.

A) If the applicant is an employee, would you just subtract the average expenses found on the bank statements from the average income found on the pay stubs?

Refinancing at 75 % LTV or 262K if you subtract the 186k that I paid for it and the 60k renovation, im going to end up with 16k cash more then I have in it and 87k in equity.  

Subtract those numbers from the rent and recalculate the ROI!

To calculate ROI, you have to subtract the initial value of your investment from the final value (which equals the net return), then dividing the net return by the cost of the investment.

So you'd take the required down payment, $75k, and subtract your initial down payment plus the principal already paid.