They are non-profit in terms of distribution of profits at the end of the calendar year (after salaries/commissions/bonuses/etc are done being paid out, of course), but for 11.9 out of 12 months, they function as for-profit institutions like any other.

The IRS views the cost/basis of a business asset as the total costs to have it able to do it's intended function. 

@Joe Archbold it is certainly a function of the asset type and the operator.

There's a large pile of renovations that need to take place (foundation lift, roof repair, windows etc...).I see it as a great opportunity to restore it to a functioning rental property, especially given that there is no outstanding mortgage. 

This is functionally a "handling fee", and not something I would share with anyone else, just my internal notes. 

Mechanicals are functioning.     

You can use the BP calculators to help you account for the items above and make a determination if your home is going to function well as a rental property.

Can I expense materials the same year as I was doing all the work myself and the majority of work was mostly fixing non-working, absent, hazardous or leaking things (stairs, faucets, some plumbing/pipes, electrical, non functional door handles, some trim fixing/replacement, painting, blinds) in order to bring the place to rentable condition?

So often you’ll see multiple people in the GP to perform all the necessary functions that the company is going to perform.

@Dhwani Shah      as @Bruce Woodruff mentioned, appraising and assessing are two completely different functions.