$5,000 Start up expense deduction for rental?

[Erik Kubec]

I may just need to hire a tax pro for this question... pm me if you are taking on clients.

My wife and have purchased 3 rental properties which I actively manage. (I do the repairs on all of them, collect rent on one, and have a property manager on another, and am currently rehabbing the third.

First Property: Closed 12/2011 , rented 1 /2012
2nd property: Closed 9/2012 , rented 10/2012
3rd property: Closed 1/2013, project to be rented 3/2013

I did not claim any of the $5000 'start up ' expenses on the 1st property. Can I claim $5k / property or is it only for the first one? What if I change them over to LLC's? Is it too late if I haven't yet? Does the $5000 of start up include any expense (including improvements) or do improvements need to be amortized?

-Erik