If you are considered a real estate professional and filing a Schedule C, you can deduct the taxes and insurance. If you are not, you must wait until you sell the property.
Since this was purchased as an investment to fix and resell, you add the carrying costs including mortgage interest, property taxes and rehab expenses to the basis of the property. When you sell it, all of these costs (and others from the purchase) become part of the adjusted basis for determining gain or loss on the property. Property taxes are added to the basis and are not deductible on Schedule A since they are considered a business expense, not a personal one, because of the status as an investment property.
Next year you will report the sale under the investment section unless you are considered a real estate professional; if you need directions at that time, please post a new question. Until the property is sold, you do not report any expenses from the purchase or updates you have completed except as noted above for real estate professionals.
If the LLC is only in existence for this one property and will dissolve when the property is sold, then all of the expenses go to basis and are taken into consideration when you sell the property.
As an example, if you each contributed $50k in capital to the LLC, bought a property for $80k and spent $20k in rehab costs, the amount you contributed to the LLC didn’t change. You still each contributed $50k, only the form in which that equity was held was changed; you each simply converted the $50k that was a cash asset to a $40k property asset and $10k in additions to asset basis.