Yes - your total rental income will be reduced by expenses incurred including interest. Capital items,however,  in many cases will need to be depreciated over time. If  repairs and maintenance are required carefully consider the timing. Painting for example during or after the period the home owners move out and before tennants move in would not be deductible. Howwver if the painting was completed after the property had been rented the amount would be fully tax deductible.