If you own rental property, there are even more opportunities to defray the taxes on your rental income. Depreciation, repairs, management fees and a plethora of other miscellaneous deductions come into play, which along with the rents help an investor-owner to enjoy the benefits of being a landlord. 

Of course, with reward comes responsibility. When you are a tenant and the furnace breaks down or has to be replaced, you call your landlord and they have to make it right at their expense, not yours. In many cases, you don't have to mow the lawn or plow the snow or even pay for heating costs. But when you buy a home, repairs, replacements, services and utilities all are expenses that you have to bear, so in a sense, you are taking on additional risk for the potential tax savings. But let's face it, if you are making a salary, you're going to have to pay the income tax, so buying a home or rental property can offer huge rewards, not just financial, but some intangibles like "pride of ownership", a sense of stability from knowing that you won't have to move out at the end of a lease and being able to decorate your home anyway you choose come into play.

Soooooooo - check it out. Talk to your tax advisor about how the tax benefits of home or rental property ownership might apply to you. If it makes sense and you can afford it - jump in. Interest rates are at historic lows, there's plenty of properties to choose from and yes - there are some bargains out there.