For example, if you think 25% of the units will turn over in a given year you might have to paint the unit, make minor repairs, and then pay an agent to re-lease it.

Can I deduct any expenses incurred throughout the entire year 2023 for that property such as utilities, insurance, repairs, mileage, maintenance and improvements?

We always schedule a walk through inspection noting repairs that need to be done soon or eventually.I've recently closed on some wholesaled properties and against my better judgement used the seller's choice of a closing attorney.

If you have current rentals properties on your tax return reporting for a full tax year, we'll use the net after expenses but add back depreciated and any one time extraordinary repairs.

Sorry to hear about this – a $14.5k repair is definitely a tough situation.

A Qualified Intermediary (QI) is required to handle the funds and process.Selling “as is” can save you from repair costs but might lower the sale price. 

Is it possible for me to declare it as a repair and deduct the expense in the same year?

My strategy is to find a good agent, analyze the off market deals presented to me on either SF or MF within my budget, account for some repairs so I don't want to buy turnkey but also don't want to BRRRR from out of state (at least not yet), and rent to section 8. 

A missed sewer line can be a 20-30k repair alone, but more commonly you are going to be over budget $500 here, $1,000 there, and when you add it all up, it becomes $20k very quickly.

Will need all the typical repairs (flooring, cabinetry, paint, etc. etc. etc.).