Taxes on a Rental/Recreation Property

[Jon Jandro]

Hi, I am looking into purchasing a farmhouse on some acreage that is currently rented out and the tenants would like to stay. I would put 20% down, and the rental income would cover the mortgage. I understand that cash flow is king and there would be other expenses, but I make enough to cover the mortgage if things go south. Now to the tax question, would I be able to use the mortgage interest as a deduction to my taxable income if I set it up as an LLC? Could anyone provide an idea of what I would be looking at? God knows I could use a tax break!