Ableton / other audio into Rekordbox

I have a ddj FLX10 and I love it so far however im not exactly sure how to use it with Ableton. In traktor I was able to set on of the decks to "live input" and have it read from an input channel on the audio device. I used loopback to pipe the audio to a virtual output and then listen to that virtual output in traktor and output it on my board.

Im wondering if there is a way to pipe audio from an audio input device into a deck in rekordbox? I can run everything through ableton because I want the deck effects and channel effects to be applied to my ableton composition along with the faders and ddj EQ. I also would like to avoid outputting the audio on a separate audio interface and then running that to the rca inputs on my ddj flx10 because this degrades quality (going digital to analog to digital to analog) and it will introduce delay

please let me know if something like this is at all possible.