If your intent is to rent the property out once the renovations are done and the property never changes from being a rental to a personal use property, you can keep the Schedule E rental schedule on your tax return. You cannot deduct the cost of "lost" rent when the property is being renovated. But any expenses such as mortgage interest and property taxes, as well as any other routine and necessary expenses to maintain the rental property would still be deductible during this time period. You should not delete the Schedule E as you still intend to rent it out once the renovations are completed. If you did not have any expenses at all, you can enter zero for both income and expenses. However, most rental properties will still have depreciation expense as well as property taxes that can still be deducted. Be sure to include those expenses.
Please see Tax Deductions for Rental Property Depreciation to guide you as you make these renovations to track the costs and report them correctly.
@hahnmon
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