Questions about taxes with short term rentals

Hey all,

I am house hacking a duplex right now with an unfinished basement.  The basement is being converted to a 1 bed 1 bath studio to be used as a short term rental with an average stay of less than 7 days. My plan is to offset the expenses to construct and operate the basement against my W2 income. Does this plan sound like it could work? 

Also I'm in search of a tax advisor, if anyone has a good referral.