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..

Down payments in the 3.5% - 5% range are available depending on which program you go with. 

Depending on water pressure in the area or the number of units in a building, you could possibly have to sprinkle the building.

But I guess at the end of the day, it really depends on the amount of work you are doing.