Newbie tax benefits question

[Adam Berlinberg]

I'm new into the world of real estate and close to getting my first rental property. I'm still confused on tax benefits and looking for some assistance. I'm a high earning W2 household ($400k), and I also have around $75k 1099 income annually. Say I get a SFH that cash flows $200-300 a month, what are the tax benefits? How does depreciation and expenses (mortgage interest, property manager, etc) help? It's not against W2 or 1099 income in this scenario? Purely against the passive $2500ish a year net cash flow to zero it out? Thanks