How long do I have to finance

[Ron K.]

I purchased a rental property (duplex) over 3 years ago and completed renovations almost 2.5 years ago. The purchase and repairs were all paid with cash. If I finance (cash out) the property now, will I be able to deduct the interest? Is there a set time period to finance a property and be able to deduct the interest? The loan amount will be less than my basis.