This is the kind of question you should ask a qualified Belizean accountant. You haven't really given a lot of details to go on. So no one will be able to give you a useful answer.
I'm assuming you're reporting under IFRS GAAP, correct? If I remember correctly, if your building is used to provide services, it's not investment property under IAS 40 but property under IAS 16. So your costs to renovate it into useful condition, for example, might be capitalizable. On the other hand, a lot of your costs may have to be expensed currently unless you can find a similar IAS that lets you capitalize them into a fixed asset. That's going to take details about your business and professional experience, the kind you'd find in a qualified accountant. I'm sure there are several in Belize who could help you with this.
