Now I have a property with a $650/month mortgage, and $1200/month rent with the potential to challenge the property taxes to reduce the mortgage payment to $550/month.

Assume same property.Do the losses reduce my schedule E/8582 to $0ORDo I report my income of $5000 on my 1040 but than apply the losses to schedule D, which then limits me to $3000?

My plan was to treat AMEX like a HM loan, and once reno is done, try to refinance into a conventional to reduce my debt.

One reduce holding cost for the vendor and so they can make their profit. 

Run the numbers, then reduce offer by deferred maintenance cost.Michael Le Yes, for property that qualifies for Fannie or Freddie I would treat the offer the same as for a SFR.

I'd venture to say most who are looking to do this will prefer the reduced cost structure and increased control you get with a Solo 401k provider offering checkbook control compared to a custodian setting up and holding the 401k assets.

This option allows us to reduce carrying costs and figure out the next step. 

You can greatly reduce your handyman call costs if you put together guides on how to tighten bolts to remedy a loose toilet seat, how a tension shower rod works in case it falls down, etc.   

How have you reduced utilities ?

.— (a) There shall be exempt from forced sale under process of any court, and no judgment, decree or execution shall be a lien thereon, except for the payment of taxes and assessments thereon, obligations contracted for the purchase, improvement or repair thereof, or obligations contracted for house, field or other labor performed on the realty, the following property owned by a natural person: (1) a homestead, if located outside a municipality, to the extent of one hundred sixty acres of contiguous land and improvements thereon, which shall not be reduced without the owner’s consent by reason of subsequent inclusion in a municipality; or if located within a municipality, to the extent of one-half acre of contiguous land, upon which the exemption shall be limited to the residence of the owner or the owner’s family;Florida statutes provides:(1)(a) A person who, on January 1, has the legal title or beneficial title in equity to real property in this state and who in good faith makes the property his or her permanent residence or the permanent residence of another or others legally or naturally dependent upon him or her, is entitled to an exemption from all taxation, except for assessments for special benefits, up to the assessed valuation of $25,000 on the residence and contiguous real property, as defined in s. 6, Art.