Tax strategy question for future rental/current primary residence

[Richard Pilcher]

Folks,

I have a tax related question for the collective wisdom of the forum. I am in the process of trying to buy a multifamily to make my new primary residence along with some rental income in the style of house hacking. I intend on renting out my current home, a SFR, after I purchase and move to the new place. I understand that the income from taxes is taxable less expenses. I am planning on gutting and refurbishing the only bathroom in the home. My question is there a tax benefit to waiting until the house is rented to do the work. Or is it OK to do the work while I'm still living here, as long as it is in the same tax year in which it becomes a rental so I can take the deduction, and maybe some depreciating if I understand that correctly.

Thanks for your advice.