RE tax benefits with W2 income

[Arjun Rao]

Hi all, 

My spouse and I have a full time W2 jobs and we are looking into real estate investment (SFR - buy and hold strategy for now). Neither of us will be able to get the real estate professional status nor will we be able to make use of the STR loophole. I recognize we will not be able to offset active W2 income, but if we do purchase an investment property that has some net positive cashflow, what are the types of tax benefits/offsets we can get?

Thanks for your help! 

Arjun