Renting your property is considered "income" by the IRS unless the rent amount is less than what you are paying for the mortgage. Any repairs that you do to the property will be a write off from the income portion but renting below the normal rental prices in your area is not a deductable thing as it is not an expense..
Always defer to your accountant as to whether or not this type of income will be a deduction for you. There are other calculations an accountant will discuss when you consult about this rental. Look for this professional to assist with your individual or joint tax return, as it applies to your total tax responsibility.