Our First Property question

[N/A N/A]

Hello,

We just bought a new house, and the one we currently live in we want to keep as a rental. A few questions:

1. The mortgage will be $150 per month more than we can get for rent. Will the tax breaks even this out at the end of the year? We will re-fi it in the future, but is this a bad idea if we have to "pay-out" for awhile? I just hate to sell it now and break even when it will be worth something down the road.

2. Do we need a lawyers to look at our lease agreement, and are there other legal issues to be aware of?

What other "breaks" can we look forward to with a rental?

Thanks in advance!