You can deduct these expenses once the property is placed in service and available to rent. Until that time they are your own personal expenses. They are neither capitalized nor added to basis. Mortgage interest and property taxes can be deducted on Schedule A.
Once the property is placed in service, you can deduct expenses such as condo fees as a miscellaneous expense. Improvements are always depreciated. If they were done before it was placed in service, add it to the basis and depreciated it as a whole.
