You are correct in your understanding.
1. Yes.
2. No, no need to record in 2023 but see below.
3. Yes, because the expenses are "capitalized".
If your property had been a rental before the start of the renovation, then it's possible that some of the renovation expenses actually fall under repairs. Or under a safe harbor rule that would allow you a deduction in 2023.
Here are a couple of articles that will give you more information.
How do I handle capital improvements and depreciation for my rental?
What can I expense or depreciate with the business safe harbor election?
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