If you like speculative risk and want to try buying a house that appreciates a lot in a hot market, rental losses are 100% tax deductible at your income level. This means that if you invest in a rental home that is not profitable from a cash-flow basis, all the expenses and losses related to the rental are deductible from your own income. Years later, if the home appreciates more than all those accumulated losses over the years, you can sell the home for a profit while having taken advantage of the tax deductions all that time.
As an example, say you buy a house for $200,000 (putting $40,000 at 20% down payment). Let's say you can rent the house for $15,000/year (nowhere close to the 1% rule). Every year your expenses (maintenance, repairs, expenses, mortgage payments, management costs, property tax, insurance, etc.) total $25,000. So, you're losing $10,000 a year to own that house, but you can deduct all those losses from your income tax. Even improvements to the house can be depreciated.
After 10 years of losing $10,000/year, you would have sunk $100,000 into the rental house. If you can sell the house for at least $300,000 at that point, you will have broken even. Your tax savings likely would come close to matching the lost opportunity costs of your invested $ (that is, the returns you could have made on your invested money if you had not sunk it into the house).
If you sell for over $300,000, then you will have turned a profit. If for example, you think it is reasonable that your $200k house could be worth $400k or $500k in ten years, then you've made a great decision. But this is, of course, wildly speculative -- not unheard of though in certain real estate markets. This also works for vacation homes or transient rental units (beach front, lake cabins, etc.) that you can occasionally use yourself if you want.
Personally, I'd rather invest in a positive cash flow property and just pay the tax bill until you get married and maybe have some kids, but the above method will work to lower your taxes right now. Also, this assumes Congress doesn't take away the current, ridiculously generous mortgage interest tax write-offs that are given. Those deductions may be on the chopping block if they ever get serious about tax reform (it's been identified in recent, serious tax reform proposals).