reinvesting cash flow to reduce taxable income

[John Stanley]

I'm shopping for a property in Germany to rent out. Mortgage rates are very low here, around 1.5%, so I have somewhat of a unique situation where there isn't much loan interest to deduct from my taxes and of course rental income is fully taxable, making my taxable income significantly higher than cash flow. I don't intend to take out any cash flow as income. I just want it available to pay for repairs and periodic larger renovations. So I need a way to "spend" the cash flow to reduce my tax burden, yet have the security to cover expenses. Are there some strategies to buy maybe stocks/securities/gold/widgets/etc. to reduce taxable income, yet be flexible enough to sell quickly if a need for cash arises? These holdings would just sit around as a piggy bank of sorts.