It’s actually Schedule E, but yes, most of the associated costs are deductible similar to how they would be for a Schedule C business. I don’t know how this works for a condo, but with a SFR you can depreciate the structure (not the land itself but the “improvements” to the property) over 27.5 years.
You want to aim for the sweet spot where the property generates positive net cash flow, but on paper looks like a loss, mostly because of the depreciation writeoff. When you’re in this zone you’re making more money but paying less tax.
I’d be surprised if you can get 5% fixed for an investment property.
