Then deduct 10% ($160) for vacancy, and 10% ($160) for maintenance and I'm basically breaking even.Are my calculations just totally off? 

You may take care of this when you live there, but you should assume you'll be paying once you move out.I bet you just about break even on this property (after you move out).

At the very least, you need builder's risk, fire, and liability coverage.What's your plan if someone slips and falls on the site, or if someone breaks in and damages/takes materials or tools, etc? 

Im a week into my first BRRRR on a fourplex and just got a call from the police that they caught a guy breaking into my fourplex.  

Depending on how bad is the foundation state (how many inches you have to correct), is very possible the sewer line will disconnect/break in the horizontal portions.

If the cost is say $1500 then it will take 30 months for you to break even and actually start getting the benefit of the refi.

I still have some work work to do before I can get it in good enough condition for it to cash flow, right now if I were to rent it I would most likely break even (I bought this place before doing the calculations, and discovering BP)My question is this:Am I able to tax deduct expenses I use to get this place upgrade, since I PLAN on making it a rental property?

It's only a stepping stone to break free.While you are slaving, eat ramen, roommate up or live in trailer, avoid Starbucks and tuck every dollar you can squeeze out into a bank account. need 20% down and money for materials. so for 80K home (trashed), you will want 35K banked to get started, just a rough idea.Then, get pre-approved.

They countered with 33.5k and said that was their break even price.The reno numbers here are 25% higher than what the contractor actually told us. 

Needed more work than I initially thought and so my options are sell and break even or Rent.