You could. However, when you get your 1098 Mortgage Interest Statement for the 600K loan, you will need to calculate the % of interest that belongs to the Rental Property portion of the loan to enter as a Rental Expense (or let TurboTax calculate).
When you enter the 1098 in the Mortgage Interest section as a personal deduction, you will need to indicate 'the amount of interest I entered is not what's shown on my Form 1098'.
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