I am planning to rent a building to make rooms available for rent to artists and musicians, etc. in the area. I will be renting it from one person and will have at least seven or eight rooms to rent out. It needs a lot of work before I can even think about rentals, but will I have to pay taxes on the rental rooms even though I am renting from someone else? What if the amount of money I use to restore it exceeds the amount of income I receive?