@inbb2b , what I understand from your post is that (a) you did a cash-out refinance of your main home; (b) you used all/part of the proceeds to buy a rental property all cash. If this is true , then ( and here I am disagreeing with @DawnC ) you CANNOT use the interest payments as rental expense. This is because the interest payment is deductible ONLY if it is secured by the property. In your case ( as I stated above ) it is secured by your residence. Hence this expense ( interest expense ) is deductible ( when itemized ) against your home , not against the rental property.
A lawyer could help you set up a trust/LLC etc so that you can indeed deduct this mortgage interest in total without having to itemize.
