Would the deductions I get from the rental be able to be placed against the full-time salary?
Generally, no. Your salary is earned income while the rental produces passive income. Passive losses can only be deducted from passive income. However, that's subject to income limits, so it could be allowed up to a certain point. I had forgotten about that before, but @Anonymous_ has covered that below.
Now in the year you sell the rental property, at that time you will be allowed to claim all the losses including the carry over losses against other "ordinary" income.
In the year you sell, your passive losses will first be deducted from any gain you may realize on the sale. If there are any losses after that, then it's deducted from other "ordinary" income.
Also, depending on your income your losses could still be limited to as little as $3000. If that happens, then any remaining losses are just carried over where they can be deducted from other "ordinary" income the next year. That carry over can occur until all your losses are actually used up.
