Sounds like you've got a good handle on the different types of expenditures, capital vs expenses.
Ready and available is a slightly different definition than first month of rent. I've included the article references for your research.
Depreciation is a capital expense. It is the mechanism for recovering your cost in an income-producing property and must be taken over the expected life of the property. You can begin to depreciate rental property when it is ready and available for rent.
You didn't mention startup, but some of your costs may fall into that category as well. You can take the startup costs deduction in the year that your business begins. The deduction is available for expenses incurred during the process of creating or investigating a new business, such as market research and advertising costs.
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