Hi everyone,I have a question specifically about claiming expenses (tax deductions) on "major" renovations/repairs for rental properties, specifically in Canada (but perhaps US has a similar system).As far as I'm aware, in Canada at least, renovations can either be considered as current expenses (ie: tax deductions on your yearly rental income) or capital expenses (ie: tax deductions that are applied only upon the sale of the property).I am using the following link to distinguish between these two types of renovations. https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/rental-income/current-expenses-capital-expenses.htmlI plan to perform two major renovations on my rental income property this year (brick wall repair and roof repair).

But to be honest, I am using a HomeReady loan and do not see myself actually moving out to the desert and driving 2-3 hours to work everyday.

That is tough to do at this stage as I am using a branded Freddie Mac product that allows 5% down on a three unit so I can't just take this to another local bank and get the same terms.  

It can be ski resort type area, a lake, a beach, an amusement park, etc. 

I am using a property management company.

Currently, I am using Real Estate Financial Modeling V6.1 tool.

Since I am using a HELOC to get started, I really need to be able to force some equity on my first purchase. 

I am used to PMI being removed at 20% equity. 

I am using increased numbers in all the costs compared to what they are now.

So you rented a flat and garage to a musical band type person and they use the garage for a studio?