Planning Renovations for Investment Property

[Pixel Rogue]

We may buy a home near by which is in need of renovation. 

Ideally we would hope for a tenant who would be open to renovations while living in the home and that way the expenses are tax deductible. While not all the renovations are major, it could be an annoyance to any tenant... and there would be a fair amount to complete over time.

Wondering if there are other methods that would allow us to live in the home while renovating and benefit from tax deductions as the renovations would be applied to the rental? Might take a few years to get them all completed. In this scenario we would rent our current home out, live in the new one during renovations.