No. Your basis in the rental property is what you paid for it. When you start to rent it you will be able to deduct a portion of what you paid for it each year going forward. So the costs that you had for the two years leading up to turning it into a rental property are just added in as part of what you paid for the place. The same with any other costs prior to it becoming a rental.
Once it is a rental property and is in active use then you will be able to deduct any mortgage interest expense from your rental income each year.
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