Check out a Delaware Statutory Trust as an alternative. 

Quote from @Paul De Luca: @Mei BaeI think @Jonathan Klemm can give you insight on how to estimate rehab costs along with a short-hand rehab estimator matrix he has. 

I am not licensed in DE, so I can answer this without it sounding like a commercial.

Quote from @Paul De Luca: Quote from @Nkeonye Nkemdi: For me what's holding me back is fear, feeling like I don't know enough to move forward along with over-analyzing everything, not having enough in savings to afford covering expenses and wanting to move fast and take action. 

We're also looking for a CPA, but we're considering forming our LLC series in Delaware.  

It's interesting to hear people talk about how tenant friendly places like California are and at least by this ranking my little backyard that is Delaware is the second most tenant friendly state in the country.

@Joshua NanceWe have new industries moving into the city like the Panasonic Battery plant being built in De Soto as well as a diversified job market with a strong emphasis in Health Care.

I suggest getting a Texas LLC and nesting it under a Wyoming or Delaware LLC.

Basically when you ask if you capitalize or deduct, you look to the source of origin.This falls under 1.263-5 and 1.446-1Basically you would capitalize the amounts, amortize over the life of the loan, then ask if you can deduct under de minimis, and if so, capitalize and write off.You can do that for a lot of other amounts.

@Paul De Luca - going with my gut on Humboldt Park!