This way I could charge rent to off set any cost associated with ownership.

NARPM is the National Association of Residential Property Mangers.   

CNBC, working off anonymous sources, reported Dec. 4 that the billionaire who also runs SpaceX and The Boring Company has put his California houses on the market this year and he has told close friends and associates that he intends to move to Texas.Noting that Musk is the world’s second-wealthiest person behind Amazon’s Jeff Bezos, CNBC reports that Musk “spends most of his time between Austin, where Tesla and his tunnel start-up Boring Company have operations, and a coastal village called Boca Chica, home to a SpaceX facility."

I believed the costs associated with restoring the property to a sellable condition, rather than being deductible anywhere, would instead add to the property's cost basis. 

In my PA market I collect paper rental applications and charge the potential renter what my Apartment Association charges me to run the credit and criminal check. 90% of the time when a tenant likes a place they'll fill out the rental application on the spot and will give me the cash to run the application. 

Costs Non-recurring Closing costs - 6% of purchase priceMonthly  % Vacancy and Credit Losses - 5-10% of monthly rent Property Management Fees - 8-11% of monthly rent Real Estate Taxes - actual from folio # Repairs and Maintenance - 5-15% of monthly rent Rental Property Insurance - 2,000 Homeowners/Property Association Fees - 0 Capex reserve - 1% of purchase price Utilities  Water and Sewer - tenant Gas and Electricity - tenant  Garbage - tenant Cable, Phone, Internet - tenant - tenant

Once you purchase the property, there are various kinds of stuff that you can deduct.Rather than giving you the list, first, let me say that you can deduct expenses that meet these two criteria:Ordinary Course of BusinessNecessary in the course of businessHere is the list of some of the items:1) Mileage: any mileage that is associated with the rental activity.

My tenants have pets and their credit was not the best, so my PM had costs associated with each which increased my cash flow. 

@Christian Espana Check out NARPM, National Association of Residential Property Managers website, you can look by state and area.

You can take this line of credit and use it for the down payment and all other costs associated with private money.