I bought a rental property for $25k cash last year using funds from a 401k early withdrawal. It is my understanding that cost from repairs and upkeep are deductible, but is the cost of the buying property deductible. Also, the property is still being "fixed up" and has not been rented out up until this point, so I'm not sure if I can call it a rental property since I haven't rented it out? Thanks.
Correct, right now the property is just an investment property that you are carrying. It becomes a rental property once you place the property in service (available to rent). None of your costs are deductible now. They get added to your basis and come into play when you either sell the property or rent it.
If your plans are to rent it, then the holding costs are added to your original cost and recovered through depreciation over time-usually 27.5 for most residential units.