@Peter LaBreck Yes that's right but you have to  deduct closing cost also. 

Don't spend money just to get a tax deduction.

This issue has been discussed in various other posts, which you can research here as it has been discussed many, many times.Your other earned income outside of the rental will also have an impact as to whether or not any losses in your rental will be deductible.

You need to be mindful of that, and develop a strategy to ensure you can deduct interest.

You may be able to pay the taxes and deduct them from your rent.

When I have previously checked into this with my accountant it seems their are very specific tests to pass to be considered a materially participating passive investor, namely that you must spend half of your time and at least 750 documented hours in passive real estate to qualify to deduct depreciation. 

For example if I paid over 20k in property taxes and over 20k in income tax...I can only deduct up to 10k due to reduced SALT deduction even if I paid 40+k in combined taxes.I don't think the property tax, state and local tax will be applied towards the standard deduction for 2018 and forward unless they change it again.

If you're planning to use money for down payment on more rentals, HELOC might be better.You use money when you're buying properties, Tenants payment pay down the debt and you can use it again.With the loan, you'll take all the money at once and despite of not using them, they all incurred the interest.Besides, it doesn't make sense to pay them down because you can't take money back until you refinance.HELOCis the best tool to get as much money as you want and when you need them.Interest will be tax deductible if you keep track that you spent it on the investment properties.

. - don't confuse it with tax saving - the CSS allows you to accelerate depreciation (you get more of it sooner, and less of it later) so you have to factor that in in your tax strategy- it's good to have CSS done when you replace an item (you'll be able to claim loss deductions)- there is also an inheritance benefit - your heirs will benefit from a CSS in place.Maybe @Wes Mabry can offer more advice.

The only "gotcha" here is that the original $214,900 is deducted from your overall $400,000 or something that the VA grants us veterans.