We've been exploring the idea of acquiring a property with access to the water, with the goal of being able to access Tampa Bay via boat.

Roof, floors, hvac, appliances, hot water heater, exterior painting, bath and kitchen remodels, etc.

Currently heating and hot water cost to owner is $20K +.

That means seven bazzilionty circuits in the kitchen, one outlet on every wall in the bedrooms that is at least 3' long and one every 6' on each wall, tamper-resistant outlets where needed, GCFI where needed, etc. 

Then they would only be sharing hot water with the lower unit. 

It would take a lot for water to penetrate 4 layers of roofing material. 

Very, very few contractors here use Ice and Water Shield. 

(This is an unofficial duplex)I pay Utilities (Electric, Water, Internet)I want to refinance (possibly cash-out refi) this property and put it under an LLC.I then want to then use my capital to purchase another home using an FHA loan.Can anyone please give me any advise that they think would help guide me through this process.

Be sure the net rental income covers any loans you have until you can pay back in full (another deed in hand) or you can refinance to hold itself.Now, again, this is my opinion and I am sure I will get bashed for it but I like a good safety net before plunging in deeper waters and leverage too much.

It was completely submerged in water (about 2-3 ft deep at the entrance of the crawlspace).