You don’t deduct repair costs. You add them to the cost basis, as Dave T pointed out.
When you sell the property, you will have to pay ordinary income taxes on the gain–the difference between the basis and the net selling price, after deducting the expenses of the sale. This is for a quick turnover property.
If instead you hold as a rental property, Dave T is again right: you increase the basis for the property. This thus increases how much depreciation you can take. If it is residental income property, you depreciate over 27.5 years. This goes onto your depreciation work sheet.
When you hold for the long term, you can deduct all the operating expenses. You look at the schedule E and you can see what these are. Taxes, insurance, legal advice, cleaning, repairs, copying, interest on any mortgage loan secured by the property, depreciation, etc.