I don't know enough about TurboTax Business to be of any help here really.
Typically, those closing costs associated with acquisition of the property are just added to the cost basis of the property. Then "the property" is entered in the Assets/Depreciation section. For residential rental real estate it's depreciated over 27.5 years.
Costs associated with the acquisition of the loan and amortized and deducted (not depreciated) over the life of the loan. Since you have no mortgage, you don't have any amortized costs to enter. So there's no reason I can see for you to be in the "other asset" section.
But like I said, I don't know that much about TurboTax Business. So maybe that's where you're supposed to be for all I know? But I doubt it.
