Primary Residence Turned Rental - Any Tax Savings Available Now?

[Lucas Carroll]

Good afternoon all! Long time lurker, first time poster, glad to be here. 

I was house hacking my primary residence in Conroe, Texas but I am going to turn it into a full blown rental as I'm away from home for work regardless. As they say, you need to have your own business to write things off in order to pay less in taxes. However, this will only be one property and I'm going to lose my homestead exemption status. 

Is one rental property enough to create an LLC and start writing things off? Everyone speaks of writing off depreciation and such to save massive amounts in taxes. At what point do you really start to capitalize on that? 

Also - if anyone has any recommended podcasts/learning resources for this type of topic, I'm all ears. 

Thanks BP!