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No, you can't get an FHA mortgage for investment property.
I have seen people do it the other way around; buy a primary property with FHA financing and then after a year or so move up to another primary property with a conventional loan (maybe 5% down) and rent out their FHA financed property. That is OK. But there are no FHA investor loans.
Most investor loans require a minimum of 20% down now (used to be 10% but that ended with the 2008 melt down). I am talking about conventional loans with decent interest rates. There are other types of investor loans (hard money/private etc) but those loans generally are used for investors that buy and flip as the rates are high. For a buy and hold you want the lowest rate and carry costs you can get.
As to Federal taxes, there are all kinds of things to deduct on a rental. Plus depreciation. Get a very good accountant/CPA that is familiar with rental properties - its worth it for the tax savings and the peace of mind to have a professional prepare your tax returns when you have investment property IME.