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If you are renting the property you would be getting an income from it so any expense associated with producing that income would generally be deductible - if renting at market rates.

If you don't have a loan then you cannot refinance. What you could do is to borrow to buy an income producing asset. This may help you get wealthy but doesn't really assist your tax position because you will be paying interest, but getting an income as well.

yes..........