Also, can I use the deductions from real estate to reduce my active income and income from the stock market?  

The goal is to make sure you have high income, good credit score and enough assests and reserves to keep moving towards the next deal and dont max out on your first deal meaning do not max out your debt to income ratio as it can affect your borrowing power to acquire the next one.

What Ive come across lately, though, is a lot of new investors who want to get in the game, but don't have the discretionary income needed to properly manage negative cashflow.

They can provide insights into whether locking in a new rate now could be advantageous or if other financial strategies could make holding the property more viable.Additionally, consider the overall financial picture, including your ability to cover the mortgage without the rental income covering all expenses.

You lend someone money for 1 year, 5 years, 25 years and the money shows up in your account every month.

My original goal was to create $15,000 in gross rental income in 3-5 years.Now it's more simple.

Do not let the tax tail wag the income dog here. 

This way we don't have to form another LLC and all paperwork and band account associated with that LLC.

                                           - Condo- pro's- own something that will appreciate, can still be in the city, can rent out if we move- passive income.

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?