In most cases, since you're only going to hold it for 2-3 years, it's best to not report anything (not even the purhcase) until the tax year you sell. Then in that year you'll show your cost basis and everything else (amost) is your carrying costs on the investment.
Do note however, that claiming lawn care on vacant property, even if held for investment purposes, has a tendency to raise flags with the IRS. I would recommend you "let it go" until you are actually ready to sell. Then your cost to clear the land and clean it up can be dealt with in serveral ways.
- It could qualify as a property improvement, thus adding to the cost basis.
- you could claim it as a sales expense.
- You could claim it as carrying costs.
If you want option #1 or #2, then you'll need to claim the property taxes in each tax year you pay them.
