Buying a fixer upper

[Donell Sousa]

I'm thinking about buying a fixer up since I can get a good deal and pay cash. My dilemma is this, if i buy the property cash i won't have the money right away to fix it up.  Can I sit on the property and take my time fixing it up? is there any financial drawback in doing so(other than of course not being able to rent it right away) or is there a tax benefit to me taking my time and writing off the repair cost?