Another item is, my logic at purchasing this property was to spend less than what I am paying for my current living expenses and it is about there.

That's why I was leaning to foreclosures so I can do full cash (heloc) purchase.The other part I need to get more fluent in is how to document all of those action items in the LLC to keep the corporate veil. 

Generally, only 1 or 2 years of  business and personal tax returns (depends on how long your business has been around) should be the only additional docs needed for most self employed vs W-2 wage earners.and the items mentioned above are not relevant for a qualified borrowers (and some are down right incorrect). 

Depreciation is going to still be offsetting cash flow quite a bit - when you accelerate depreciation, it doesn't technically do absolutely every depreciation item in year one, so there still is going to be quite a bit of depreciation to offset your cash flow.On top of all of this, the tax benefits largely are going to come in year one to offset your income.

I simply said the issue wasn't a lease item, but he was welcome to walk over and talk to my tenant...he never did.

As a GC I can advise try to retain control of your finishing material orders (anything where you need to make a choice ((tile, flooring, lites, faucets, tubs)) vs. construction materials (2x4s, mortar, shingles)) because we get those discounts on the finishing items and we keep them!

If we could use the other items I listed, we are right there.

They know their rate.The stock forms from my CPA include a tax comparison page that makes it easy to calculate the effective tax rate and compare line items year over year.

Have you ever overlooked a major item that needed replacing?

The only items affecting capital gains are basis and expenses of sale.