If I buy a house in January, spend 6 months rehabbing it, and then rent it out in July, do the holding costs during the first 6 months (prorated property tax, mortgage interest, insurance, utilities, etc) get deducted from rental income, or do they get added to the basis of the property?

If you live in a registration state, most sporting goods stores that sell guns will be able to help you out.

This isn't just the lost rent when turning over a property but also, do you have to cover utilities during that time, have to freshen up the paint, etc.

They did ask that I upload a copy of my driver's license and a current utility bill (both had to have my current address). 

Do you have a plan to buy more in any of the three markets, where you can utilize the same property manager?  

All outdated utilities.

It still shows on our credit but it is far in past and we have good scores and low utilization.

@John Edrisy equally important element of price is how's the utilization today and can I re-position the property.

I couldn't quite figure out whether or not utilities like electricity and water/sewage should be paid by Landlord or tenant, so I assumed the tenant would pay and moved on.I look forward to everyone's feedback!

You may be making mortgage payments and paying for utilities for 3-6 months while renovating.