So if you have the property for a total of 10 years, moved in at year 8, little value or tax advantage.

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.

Most Florida markets will share some dynamics though like taxes and insurance. 

Honest... not great but we had other tax reasons to get into them.   

@Pratik as @Neil Narayan mentioned, cash flow is very challenging due to the property values, property taxes, and soft rental market.

Quote from @Devin James: Im currently learning this lesson with New Builds that have taken twice as long to complete than anticipated.....Finishing a Real Estate project ASAP is critical because...1) Holding Costs add up quickly- Loan Interest- Property Taxes- Insurance2) Investor Capital- Our financial projections are dependent on how fast we can turn our investors capital.

You're giving up some good tax benefits since you're in the tier of taking itemized deductions.

and that was owner occ.. todays rates are pretty normal actually. what you can do if you want though is find a really good HML and let them place a loan for you making 10 to 12% while your wait for things to change to a situation that you feel you want to move forward be more net return than buying a rental thats for sure. of course no tax bene's but there really is not that much tax benefit on one rental.. so just some alternatives. 

Are you able to use it easily, only with a HELOC.If you lose your tax deductions, then Uncle Sam is happy to take more of your money each year.Good Investing...

-Management is low - you'll need at least 10% plus leasing costs - typically a month's rent for each lease-up, and sometimes a renewal fee as well-Insurance seems low-Are taxes accurate?