Keep in mind the more you write off the less money you will show as you net.If you have (2) full years and depending on how the accountant files your taxes you will have a schedule C more than likely or another schedule that shows profit and loss.

>>For purposes of taxes, consult with a CPA to confirm this would work for your situation, but you could have the LLC be treated as a "disregarded entity" and thus, even if you and your wife are members, any profits/losses would "disregard" the LLC and go directly on your personal returns. 

That data would be sales price after remodel (the true numbers some agents really don't have the experience to be comping the property), the days on market you will experience (this is great info because you want to recycle the money quickly), and resources to sell the place fast not slowly which you do not want this because this could put your holding costs extremely high and push the property to little profit or no profit. 

I do by the room and house hack, and for now I self-clean (takes me 10 minutes) and make way better profit than if it were a whole house rental. 

STR is a hospitality business first, and a for-profit business second (if you want to succeed).

Hard money costs do eat into the profit but a good hard money lender will want to make sure you are making a sufficient profit on the deal after holding costs, etc. 

Adding the current mortgage and utilities would be roughly $1,350 resulting in a profit of $650/mo.

Flipping outside your zone can be profitable too, just gotta make sure the numbers work.

Like I see how it could work in a perfect world but i cant wrap my head around the idea that I could be making a profit if I still don't actually own the house and still have to pay down all of the loans.

All of the multifamily I have looked at in my area are not profitable due to prices being much higher than rent currently.