Buying residental rental property which renting myself and taxes

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Hi Guys,

  I am looking to buy a condo to rent it out while i am renting my self, this seems to be a odd thing. but I want to build my equity while i could accumulate to buy a house for my self. I am concerned about the taxes, since i myself is paying rent do i owe taxes on the rental income?

 Also the state i live in there is property tax subsidy for homeowners for their primary home, would i be able to qualify for that on my property if i am not living in it?

I searched this question and didn't found it posted...

any input is appreciated. Thanks