I've been in the same situation.
I would encourage you to talk with your CPA regarding the tax consequences not only while it's a rental, and then when you sell it.
There have been significant changes in the IRS rules for non-owner occupied investment property. The principles of appreciation and tax deductions are still valid. In the long term I strongly recommend investment property...buy and hold, not buy and flip.
I became an accidental investor, and at the time had not real clue what we were doing. Please feel free to contact me directly for specific questions.