I won’t be looking to re fi those anytime soon because my interest rates are so low with them but when I do my current lender has said they will be limiting how much they will lend based on the properties tax returns. 

Your depreciation doesn’t reset until you die or pay 25% depreciation recapture tax. 

@Chris Grenzig let’s get @Brandon Abbott to share his renovation expertise

I know about 1031 exchanges to avoid taxes but not getting a loan against the house to prevent profits.... 

Look at every method you can for reducing taxes, income and property taxes.

Other than taxes and insurance, I'll assume the best case in that there are no other expenses.

you'll need to check the tax records to see how many legal units are in the property.

At some point 8-10 years did a portfolio loan with good tax returns and ended up using a lot of cash and that loan to buy 2 strs in Myrtle- ocean lakes. we currently have 20 units and Two are str's.theres really no short cut, we built a ton of equity by buying at the right time and fixing up ourselves (I'm a contractor).wr bought the two strs in 2020 and 2022.

If you want advice on real estate investing and the tax and financial strategies associated with it you should work with a tax strategist with real estate investing and financial planning experience. 

We spent 10 years and then sailed away on a sailboat paid for with tax free dollars, 3 waterfront vacation rentals paying for the sailing, and a custom built dock in the back of one for when we were in town.