You also might want to consider using the general asset account (GAA) as a strategy to possibly continue depreciating the property before demolishing and rebuilding.Obviously, once you convert the investment property into a personal residence, you lose out on any further deductions from a P&L standpoint.Feel free to DM me if you have any further questions.

This will be our first investment and have found that we cannot get a loan under the LLC without 2 years of P&L statements. 

Quote from @Nicholas L.: @Mikey C.is this your first property?

I had a retail deal and bank had an appraisal of $10,420,000, looking at P&L from 6 months earlier on the subject the NOI was $300k, looking at rent roll of a month in August the income was $105k with 35% vacancy, asked the asset manager how did the come up with $10,420,000 and he said based on that month rent whats renting in the market not considering this is a stressed property and wanting around 80% off that amount which did not even make sense what so ever.

Quote from @Nicholas L.: @Isadore Nelsonno, this is not reasonable - you're leaving out lots of expenses. 

And should I do a P&L for the flip to show all of this? 

I am actually a novice on this field, l have a property for short let and vacation rental in Kissimmee (Florida); and I actually want to take up the management of the property myself and needs help on how to do this.Also, l need a nice, cheap buildable land or a nice cheap reformable/redeemable house within or around Kissimmee.

Quote from @Nicholas L.: @Jake Berlinoff market That sums it up perfectly!

Quote from @Nicholas L.: @Everett Joensstart with a house hackI’ve done that before.

Or get 2 properties under contract l, then borrow against both.