Deductions with No Revenue?

[Jacob D. Lange]

I just purchased a house by the beach that will be a STR. I am in the process of renovating, but I am doing so from out of state, and for various reasons I might not generate an income from the property this year.

Can I still deduct business expenses and depreciation?  I should make less than $100K from my W2 job, which would make me eligible to deduct from my taxable income.  I am mainly concerned that a lack of income from the property would result in me being audited (or somehow violating the tx law).

Please let me know what you would recommend. Thank you.