At year end you’ll get a summary and a tax form.

Repairs made while the property is your primary residence are not deductible, but improvements can increase your cost basis, reducing future capital gains tax when you sell.

Bear in mind that the fiscal treatment of the two options in Mexico is different (withholding tax on the gross income with the fideicomiso vs cost deductions with the corporation).

The same thing you claim on your tax return for your properties.

So we GAIN 7million + tax payors etc.. 

The first is that there's no consensus between tax professionals, and the second is that you will not like my personal interpretation.My interpretation is:Until the property is "placed in service" - everything goes into basis.Illustration.You buy a property July 1st.You finish rehab November 1st and put the property on the market.Your tenant moves in January 15th.The property was placed in service November 1st, and it does not matter that the tenant did not move in until the next year.Everything paid between July 1st and November 1st, including interest and utilities, goes into basis.

What are the tax ramifications of a sale, if any?

the property’s rehabilitation is scheduled for completion in 2025 and the rent will subsequently increase, can I proceed with a cash-out refinance based on the current rent roll?

Tampa can work, but yes, taxes and insurance are higher and might keep cash flow tight.

Some private lenders like the one I work with doesn't require appraisals on fix and flip/new construction loans and also doesn't require tax returns/W2s.