He is a successful investor, CPA with a master's in tax and specializes in working with RE investors.You will have a few deductions depending on how your lender structured the loan it's possible you can right of some of the fees, especially if they are listed as % of the loan amount not if they are a flat fee. 

I'm about to finish my Master's degree, then looking to get nice little job and to invest in real estate. 

Completely overhauled- all new wiring/200amp service, insulation, drywall, marble, refinished floors, took down walls, added bathroom to create master bedroom ensuite.

Completely overhauled- all new wiring/200amp service, insulation, drywall, marble, refinished floors, took down walls, added closets &bathroom to create master bedroom ensuite.

I've got a master bedroom closet that needs some new carpet installed. 

Master bedroom is 11x10.

Additionally you may be able to structure the deal a bit differently ie a master lease option (see Brandon Turner’s article) or y’all could set up the deal where the property gets put into an LLC or similar entity that both parties are members and “refinance” the property 70-80% LTV to buy out the seller and have a promissory note for the remaining percentage of the purchase price if any.Note: 70-80% LTV will be based on the assets current value and not necessarily the “purchase” price so you could possibly get 100% financing this way.

We added a new roof, furnace, siding, windows, concrete driveway, updated the kitchen, master bathroom, added carpet and flooring throughout.

Also to master meter the water. 

You get a hands on experience in all major fields you need to master: evaluating and buying a property, finding and interviewing tenants, property maintenance, working with contractors, lending, taxes, landlord tenant law etc..Many of my younger clients will buy another duplex after one year - with a low down owner occupied loan, as opposed to 25% for investors - this allows to grow a portfolio of a few duplexes over a few years quite easily - if you choose to do so.