While you will have more of an interest expense write off, your basis in the property will be reduced.  

That's what I refer to as more "functional" theming.Honestly I'm not looking to buy this as just an investment, I want it as my own vacation place for my family, but I'd like the net costs to be as low as possible and I'd like for it to be a long term investment if possible. and if it could make money, that would be a super bonus.

I'm considering investing in a multi-family home near downtown St.

I'd highly recommend starting out with a house hack - whether it be a large single family in a good area or small multifamily. 

So, imagine if it’s a 1% or more reduced interest rate and what that would do for your payment. 

As mentioned in above posts you still can build a fantastic portfolio that can serve you and your family for generations to come.

Investment Info:Small multi-family (2-4 units) buy & hold investment.

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

#1 family home we’ve remodeled into a vacation home. 1.5 years in the books. 

Single family homes were never intended to be investments.