Hi and welcome to Just Answer!
There is no "tax benefits" from renting. Your benefits are rental income.
If your expected rental income $1000 a month * 12 = $12,000
Your rental expenses are mortgage interest, real estate taxes
and insurance $550 a month * 12 = $6,600
Please be aware that only mortgage interest is deducted - not part of the payment attributable to principal. The cost of rental property is recovered via depreciation. Residential rental property is depreciated over 27.5 years. That means if your cost basis is $100,000 - you will deduct depreciation $100,000 / 27.5 = $3636.
The drawback is that depreciation will be recaptured and added to your income when you sell the property.
Additional overhead of keeping record and tax preparation
will be ~$100-$200
If you hire a property manager - it might cost ~10-25% of your gross receipts
- and will cost at least $1200 per year.
Seems as you will have losses from rental activity and that will be passive activity - so such losses may be deducted only against your other passive income
or will be carried forward and will be deducted when eventually you sell the property.
Thus - most likely rental activity will not affect your current tax liability - but will provide the positive cash flow to cover ongoing expenses.
If you plan to convert a rental property into your personal property - you would need to live in that property at least five years to exclude capital gain (not two years) - so that might be additional disadvantage in future, but if you plan to live there at least five years - than there will not be any difference for you.
Let me know if you need any help or clarification.
I will adjust your estimations if you provide more précised amounts.