Sounds like I can safely write them off only after I purchase the rental and start the renovations to ultimately rent it out.

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The ultimate tax hit is at most $5k (20k * max 25% tax rate) and it's probably not worth it to 1031 exchange for that little of tax deferrals.

I know there is a lot that I'm going to need to learn, and ultimately it will come down to how much the student puts into it.  

I would lean towards recommending that you pursue the deal - plus having the property remain in your family may be a net positive for you and your extended family regardless of the ultimate financial return. 

I envision this portfolio supporting me during my retirement years—though I still plan to work, just in a different capacity than I do today.I recently finished reading "How to Invest in Real Estate: The Ultimate Beginner's Guide" by Josh Dorkin and Brandon Turner, which has been incredibly helpful.

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While I doubt I'll be investing here (terrified that property taxes and the pension debt will ultimately cripple property values), I'm always interested in meeting new people.

@Catherine Javier If you find the property is more of a liability to you and ultimately decide to sell, the 1031 exchange would probably be the best way to take advantage of using the tax and find something with a greater growth potential.

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