Thanks to all for the replies....They were very helpful. But of course I have a few more questions, if you can answer please.

1...Rearding paying cash for the condo.. ( and yes BTW this is a golf resort)...wouldn't this defeat the purpose of getting a tax write off on the mortgage interest? My primary residence will be paid off next year, which is one reason I am currently looking to buy an investment property.

2. Also - this condo is rented 6 months of the year not 50 or 60 times, so I am wondering if this is considered a good rental.

3. My accountant included my mortgage payments ( not mortgage interest) as part of my expenses, along with utilities , taxes etc. to try and calculate net profit ( or loss, which is what we came up with) Was this correct?
4.. Then he added deperciation to my net loss..I don't really understand what depreciation is..Can you please explain or lead me to somwhere that I can read up on this...??
Thanks so much for having the patience to put up with me . I appreciate all your help.
Debbie