Live-in Rent Tax implications

[Trevor Fritz]

I am closing tomorrow on a condo property in Chicago. It needs a significant amount of work to rent it out, but mostly just the basic renovations (kitchen, bathroom, flooring, paint). I can do much of this work with my dad. The unit is in an ideal place for me to live in the city and otherwise would be paying rent so I can quickly fix it up and rent it out or live in it for about a year and then get it ready to rent out. 

My question revolves around taxes and write-offs. Should I claim this as my primary residency and take the homeowners exemption ($400/yr) or should I claim the write-offs (est. $15k)? Is there anyway that I could take the home owners exemption, do a couple basic things to improve my standard of living and then move out in order to quickly fix it up and pay for the more big ticket items the second year and then claim those exemptions? Thoughts? Opinions? Thanks everybody!