I was hoping that if I put the property in an LLC, I could deduct all the housing expenses of that property against my personal income, reducing my personal tax liability.

. $7,500 (75%) of the net income is considered UDFI and is subject to UBIT.There is a deduction for the first $1,000 of income subject to UBIT.

I have also accumulated $3k worth of tools.I'm also figuring the power of depreciation is not as great as deducting in the current year as depreciation recapture will take place in the event the house is sold down the road. 

Then deduct all of the costs required to execute your business plan and get a tenant in there.

Especially their deduction to use that lender 

You must trace the withdrawal proceeds to determine interest expense type and deductibility.

I’m looking to refinance both properties without using my tax return since it showed “loss” only because of deductibles and expenses from my current flips.

In some cases, however, you may be phased out of taking a deduction for contributions to a tax-deferred IRA or the ability to make contributions at all to a Roth IRA dependent on income thresholds.Best to have a conversation with your licensed tax advisor that would be specific to your situation and goals.

It made me re-read the FL statutes and I found I was wrong about OTC Florida tax liens; I somehow had read years ago that OTC liens were not eligible for the 5% premium.

Several red flags here - if the property needs much rehab then it probably isn't eligible for an FHA loan (unless you get an FHA 203k which is specifically designed for fixer houses).