Is it real that you can save on W2 income taxes if you have a short term rental.

Would it be possible for me to consider my down payment a business expense when I file my taxes next year and get a tax break?

@Jane Mipsey putting the investment property in an LLC is purely for limiting your personal liability, not for tax purposes.

In this case, how and when can we incorporate those expenses into our taxes? 

If you ever convert the property into your primary residence you'll never pay the tax.If you die as @Randall Alan said, there is a step up in basis which means your heirs inherit tax-free.If you ever sell without a 1031 then you will pay all of the tax that had been deferred as well as the tax on the current property.   

PA has some crazy law that if it is from an estate : borrower passed away then the auction bidder/winner is responsible for those taxes on the property which is nuts but the case

Let the property owners worry about taxes, insurance, etc... while you make money every time a property is cleaned plus every time someone stays in the property.  

Here's why:Advantages:Predictable Cash Flow: Tenants are responsible for most of the expenses, including property taxes, insurance, and maintenance.

.), lower property taxes, and many would argue that there is more to do in BK compared to Queens.That said, both boroughs can offer what you're looking for but if I were you I'd start searching in Brooklyn then branch out for more options if you don't like what you see.3.

My monthly HH income is 16k USD after tax.After looking at multiple properties and calculating the overall net income it is quite difficult to come to a net positive cashflow (taking into account Mortgage payment, HOA, property taxes, insurance, rental taxes).