4 How is it possible to have taxable income which means a property is profitable yet have negative cash flow?

Income is not the same thing as retained earnings. A company may have a profit in revenue but show a net-loss in retained earnings. Gross Income (revenue) is what a company makes, Net Income (revenue) is the balance after all expense are paid, and Retained Earnings is the actual "profit or loss" a company retains after any dividends to stockholders are paid (if applicable).

For example, say a company has an income of $15000, taxes are figured usually on the full amount, say taxes are 16% and the company has total expense of $14000. To figure their "retained" earnings, we figure Tax expense $2400 + $14000 (other expense) = $16400 (total expenses)

Revenue $15000 - Total Expenses $16400 = (-$1400) loss