Depreciation can be added back in almost all cases.

Would the purchase and rehab cost still be added up this year to determine the tax basis and be listed on my tax return, to be deducted when the property is sold?

not so mush any more in the midland area because the rights are retained by the original owner, i know in the land that i have here about 2 acres i'm in the middle of an oil patch but most everyone is who's not in city limits. and the original owner kept the rights but i made sure that it was in my contract that no lines or wells could be added on my property.

Any feedback on additional terms that should be added would be great!

I also own a small business that makes beaded bracelets and beaded necklaces for fraternities and sororities. 

However, there are some Red flags in the listing, it says it can be a duplex, which means it does not have 2 units on the property and the house can be added to to make it a duplex. plus it also says the buyer is responsible for certification and repairs, it may need more repairs then what is in the pictures plus again that seems to mean that the units are not safe to rent and not legal to rent and will have to be certified as such.

If this fails open all the time, you will get no heat.If you have electronic controls, there is probably a much smaller temperature sensor (like a tiny bead of epoxy on the end of two tiny wires), and the control board turns the heat on and off, probably using a relay. 

Also, send me your email if you wanted to be added to my buyers list to start receiving my deals here in Nashville!

If you end up with a steady stream of good deals and are looking to wholesale them to an investor like myself, I would love to be added to your buyer's list.

But then I read other places that closing costs are part of acquiring the property, should be added to the basis, and depreciated over 27.5 years.Anyone want to help?