100% rented out.
Set "IT" up as an asset. Add the property itself as an asset to depreciate. So then, in the single field for cost of asset, you take the cost of the property, add in the items you are allowed to include as basis (record not-allowed expenses expenses elsewhere.) This screen I am viewing, which I think you are referencing, would be titled 'Tell Us aBout this Rental Asset' which only has the description, cost and cost of land. Are we on the same page? So you take the cost of the rental, add in a few things as allowed, and that is the number you enter into the Cost field.
side note: condo, hard to say what the cost of the land would be on the condo. actual land footprint is pretty small... maybe 20x50.
