Tax advise on renting our first property

[Jim McAfee]

This is my first time on bigger pockets. Hoping I can get some basic advise on the tax benefits of purchasing a rental property.  We (my wife and I) have planning on purchasing a property, renovating and renting. I've lived in this market most of my life and have purchased 2 homes here over the years. I'm an architects and have great relationships with local trades people.  We are panning on using a  Home Style Renovation Conventional Loan which requires 15% down (of the overall construction and renovation amount)  The construction cost are part of the loan. You can use your own contractor and sub-contractors and there are no inspections or draws.  Then refinancing, pulling out the equity and doing it again.  The end goal is to have a few properties (2 or 3) that we can sell or continue to rent in the next 5-10 years.  Any advise on tax benefits (or any advise) is greatly appreciated.  

Thanks!