Use tax benefits like depreciation, repair deductions, and tax-free refinance proceeds to offset income, and consider an LLC for liability protection.

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.

Is my accountant accurate in stating I cannot deduct the expenses related to the property if it's not listed in an LLC?

I would caution on having a high deductible / inadequate coverage policy with a property in Athens.Dan, a comment you made that I don't concur with is the cap ex on a new build of 300/month, unless it was a low quality builder (I have no idea who the builder on this property is). 

The other benefits I see are debt paydown (done by tenants) and tax deductions.

I would look at their policies and make sure both the coverage and deductibles meet your needs. 

@Vidit Maini Starting your business as an LLC taxed as a C corporation offers flexibility but involves double taxation unless you elect S corp status, allowing profits to pass through to your personal return.For tax savings, deduct startup costs, track business mileage or vehicle expenses, and consider a home office deduction.

The Big plus is the tax deductions they will be able to take as well!!! 

As you mentioned, you have to eventually pay it all back" - which is true, however you either pay interest (which is tax deductible) and keep the asset, or pay you tax.

Would it be better to do some remodeling and deduct those costs from the sale proceeds, or should I foreclose and sell the property "as-is"?