Buying First home to Rent Out Later

[Leslie G.]

New Here to Bigger Pockets and want to get your thoughts on this.

My Wife and I are buying our first home in Houston, TX.  Both of our jobs are in the city so we are looking to buy under $400K in the Inner Loop area.  We aim to live in the house for 3-5 years and then either sell or rent out the property after that.

My question is, with our goal in mind to rent out, should I take on a 15 year or 30 year conventional mortgage?  Both fit into our budgets at this point at this price point.   How do I think about tax deductions when the property becomes  a rental? Can I still deduct Interest Payments on the home if I have bought another?

Am I missing anything else?