Home equity line-tax question

[Rich Riesmeyer]

New investor here, with the first of many questions....

I am considering buying a property to rehab and rent, using my home equity line of credit. I understand that banks want to see at least 6 mo. rental history before they would refinance. During the 6-8 mo. before I finance the rental, is there a way to use the principle and interest on the home equity line to offset the income from the rental? Hope this questions makes sense.....

Also, what is a good accounting software to use to keep track of rental income and expenses?