What tax benefits do I get if I buy and fix an abandoned building

[Andrew Giunta]

I am looking at an 8 unit abandoned building that is dirt cheap and it is completely boarded up. I would be fixing everything and then renting out the property. I read a while ago that there were tax benefits to restoring an unusable property to a state of use. What are those benefits? What major things can I write off and not write off when doing this? Thanks so much!