The really short version: Everything is tax deductible.
All of the expenses: Property Management Fees, landscaping, water, sewer, cleaning, amenity fees, mortgage interest, exterminator, telephone, cable, gas, electric....did I leave anything out?
Furniture also, but you need to depreciate it over a long period (10 years as I recall).
One trip a year to inspect your property is also deductible.
Of course, to offset that you need to declare the rental income. I was effectively operating a negative cash flow business while I had the house in the rental program.
Also, since it is a business, it isn't subject to the personal limitations on deductions.
I'd certainly recommend you speaking to your accountant to get an idea of what it means to you.
Hope that helps!