Can I deduct the interest expense on the loan? why?

"My name is Mel Smith and I live in Indianapolis. I have twin daughters who are starting college next fall at Northwestern University in Chicago. The original plan was for the girls to live in the dorm. However, the amount the University charges for what they would get is unbelievably high. I just don't want to pay rent for four years (or more). I'm considering buying a condominium close to Northwestern and having them live there instead of the dorm. I think it wouldbe a good investment and clearly much better than paying rent. I have identified a condo selling for $300,000that would be terrific. When the girls leave Chicago, I will probably sell the condo. I would need to borrow$240,000 to buy it"