Retiring and debt free property

[Stuart Cairns]

Discussing an event, where my rental property would be paid off and I would be receiving rent payments.
If I was to refinance my home and make the rent payments to the mortgage, would i be better off financially?

I could use the refinanced money and interest earned to replace the rent income each month but the deduction of the rent payment against the loan, would lower my taxes as I would have no income (income would come from the loan).  Of course, the amount of interest would need to be less than the taxes I would get from rent alone if the building stayed debt free,

Am I thinking about this incorrectly?