FIRST ... your mortgage payment is immaterial to this situation so stop using that as a measuring point.
Questions are..
1) Is there a loss to take here somehow and is that deductible? Maybe if you are renting at fair market value even if your mortgage payment is larger than what you take in.
2) Are there any other deductions that can be taken? All rent received will be reported on the Sch E and all expenses for that rental period which will include (but not limited to) mortgage interest, RE taxes, utilities, maintenance/repairs AND depreciation (principle portion of the mtg pmt taken this way per IRS rules).
3) Can you deduct mortgage interest or taxes on both properties? Yes ... the personal portion on the Sch A and the rental portion on the Sch E ... the common expenses for a mixed use year will have to be prorated.
4) If I do any work to the property or fix any issues while they are there, is that deductible? It will either be a deductible expense n the Sch E or add to the depreciable basis.
5) How do you express this in TurboTax? You just follow the interview screens to enter the Sch E and Sch A expenses. You may want to use a local tax pro the first year to get this set up correctly and maybe the second year to close out the Sch E or upgrade to one of the LIVE online options or educate yourself.
6) Are there any considerations I am missing? I think you need to do some reading ... start here : https://www.irs.gov/taxtopics/tc414
