This of course assumes that this property was not acquired in a 1031 exchange.However, any costs incurred to acquire your mortgage (if you have one, which it sounds like you do since you got an appraisal) should be amortized over the term of your mortgage.Also, there are some costs on your closing statement that you may be able to expense immediately.Also, it's possible that you incurred some additional costs that increase your basis in the property post-acquisition or possibly even pre-acquisition.You may also have start-up costs that you may deduct up to $5,000 (assuming you don't have in excess of $50,000 of these costs), the excess being amortized over 180 months.Check with your tax professional.

Have spent my entire professional career in Facilities Management and will be working on my Real Estate license this year.

All of whom are industry professionals that I would trust to represent me. 

SFHs are a prime target for professional tenants.

I'm excited about this new business venture and I am eager to make meaningful connections with other professionals.

.- Build a team of professionals around you and leverage their experience.

As strange as it may seem, I found a really good tax professional at H&R block.

If it's outside my skill level I know professionals that can do it.

Most people we hire are professional and stand behind their work

My profession (apart from RE investment) involves much contact with real estate owners & affiliated professionals...Andrew