Not all lenders are well-versed in these calculations.

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

The value of the property and how it’s distributed relative to ownership stakes will determine whether it counts as a taxable event, I believe(I’m not a CPA or attorney). 

2) wouldn't the interest be taxable to seller?

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

I have dabbled in real estate, but never heard of brrrr before now, and transparently never did much research outside of knowing that property ownership was a way to reduce my taxable income. 

My questions are;Do I have to take expenses as a deduction in a year in which they occurred even if I do not get income until the following year  I have other rental property, but my taxable income on them after expenses is only gonna be about $5000 So is there anyway to roll over expenses to the next year since I cannot deduct the remaining 15,000 and expenses against my W-2 income?

Kentucky should have been expanded into their calculations. 

If it isn’t repaid, it can be treated as a taxable distribution, which adds to the risk.

A good baseline is to calculate material costs (e.g., $300 for paint and supplies) and add a fair hourly rate for labor.