Matt, thank you for joining our community! Based on your facts, For Federal, I think you have 2 choices: 1) an investment property where investment interest may be deductible on 4952/ Schedule A up to investment income, property taxes would be deductible on Schedule A as real estate taxes up to $10K, insurance would not be deductible OR 2) you have pre-productive expenses that should be capitalized until the property is income producing. Carrying charges include the taxes and interest you pay to carry or develop real property.

For more, see Carrying Charges on page 24, Pub 535:  https://www.irs.gov/pub/irs-pdf/p535.pdf