Renovation cost saving

Hi Everyone just doing some calcs on would be reno projects and one thing that stands out is the holding costs eg. interest. If i were to rent the property out to a friend however, and complete the reno at the same time i could claim the interest as a tax deduction and also depreciation on the new fixtures and fittings etc as i would be turning them over within 12 months i would still have to pay CGT no matter which way i go about it. Is it possible to do this??