If so, I would just reduce the bill to the claimed amount.

Yes, you can typically refi Rate and Term, the same amount as your current loan, right away.If you want more than your HML, then it needs seasoning or 6-12 months, assuming a 75% ltv based on a new appraisal is more than your HML.

If you have debt, try to pay more than the minimum payment - even a small amount can have an impact.Don't close any credit card accounts - part of your score involves how much credit is available to you.   

It is hard for the following reasons.You need to know what the ARV is for your target market and how to actually comp properties appropriatelyYou need to know what rehab costs are in order to estimate the amount of work needed for a propertyYou need to be good at marketing in order to be able to find the off market dealsYou need to be good at negotiating in order to be able to win investors and sellers alikeSo...why do most investors get annoyed at wholesalers?

We've been in the house 6 years, and we've done a good amount of remodeling- drain tile in backyard, fenced in backyard, new high efficiency furnace, remodeled bathroom and kitchen.

In essence, in an effort to save on taxes, I'm limiting the amount at which I can use my own funds to acquire properties.Has anyone dealt with this conundrum and what are your thoughts on this situation?

I would check with your lender to see how this would work with the loan, some loan types may require you to have a certain amount of equity yourself.

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

It's possible to have policies with the same dollar amount of coverage but be completely different on how they settle a claim and not even cover the same types of losses. 

If you have 50k in consumer debt, a bank is usually going to look at the total amount and use ~3-4% of the total as measurable debt service.