Are supplies such as paint brushes, blades, and other miscellaneous tools and supplies used to fix up the place deductible in the current year, or do they get added to the basis of the property and deducted with the purchase price along with other material used in the fix up?

Instead of responding to each of you individually, I will use the broad brush response. 

@Sam LeonAlso, new plumbing codes, when re-piping, requires all access hatches installed to have brushed aluminum handles on them:) 

You might want to brush up on setbacks for the oil rigs.

Screening tenants is a very important process so brush up on that subject.

Be prepared to get your hands dirty because most generally, the people you hire are not the most responsible/reliable workers in the world.Also, properties UP to a 4plex will have different rules and obligations that you will need to brush up on.

We all know past performance is not an indicator of future returns, but a conservative 8% per year that is compounding is surely not something to brush off.

If the LLC is 'doing business in California' it will have a CA Form 568 obligation and must pay the $800 annual CA LLC tax.California paints 'doing business' with a pretty broad brush. 

It comes in a paint bucket and can be applied with a brush and roller or sprayed on (you need a specialty sprayer don't run it through your typical household sprayer). 

I'd like to reach out to the real estate company that has the property listed, but I want to brush up on my facts and options before starting a professional relationship with this company and this agent.