Are all costs prior to placing a tenant considered purchase cost?

[Chris Sullens]

So an experienced CPA recently told me that essentially all costs incurred prior to placing a tenant are considered to be acquisition costs and get written off only as depreciation. Is this true? I'm sure he knows what he is talking about, but I wanted some second opinions. Are there any expenses that are directly tax deductible which are incurred prior to placing a tenant? Or are all expenses taken as depreciation? This includes closing costs? Interest on mortgage payments? Utility bills? All rehab expenses? Everything?