You are on the right track. Since the house was fully rented and you placed it in service as a rental property as soon as you purchased it, the renovations would not be entered as something that was done prior to the property being available to rent.
Instead, you will either enter the renovation cost as a maintenance or repair expense or depreciate the cost of the renovation as a component of the property itself over the life of the rental property. Choosing one over the other will depend on what you did as a 'renovation'.
Painting, replacing light fixtures, minor repairs, and similar things would be considered repair expenses.
Gutting and remodeling a bathroom would be depreciated as an improvement, for example.
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