Depending on specific SOW, kitchens and baths could probably be reduced...

It would depend if the house is brick construction , or its brick faced .

Or lose a little money depending on the market.

I'm asked this question many times, and have come up with what I think is a pretty good answer. " It depends."

There is not set time, it really depends on many many factors such as your market, condition of property, contractors, permit approval time etc..

Here's a handy timeline chart that I used yesterday in a post to show where an expense should be allocated depending on where you are in the process.There are a few other caveats regarding business trip deductions and start up expenses that you will want to talk to your tax professional about as well. 

(9% NOI can be good, or bad, depending on factors you haven't told us)...

Much of it depends upon the fact that you hypothetically bought the property for cash.

It also depends on the property type...

@Ernesto HernandezYes, there are fee's for your license from the BRE:http://www.dre.ca.gov/Licensees/Fees.htmlas well from your local board of realtors depending upon where you hang your license..