Tax benefits of Rental house >150K

I am looking to buy 2 SFH which I plan to keep as rentals. I am confused about what my tax benefits are if I hold these 2 properties. I know you could deduct depreciation, interest, taxes and other expenses. My question is; do those benefits go away if I make an income of over $150K in my regular job? This has me confused?

Why do you think standard IRS law on rental real estate does not apply to people making $150k+ in their regular job?

if your rentals lose money, your passive losses may be limited if your income is over $150k. You carry these losses forward to offset future income or until you dispose of the property (or your income drops below the threshold).

Excuse the ignorance but what do you mean passive losses?

All your rental expenses are subtracted from your rental income with the results reported on Schedule E (1040). You also take your depreciation expense on Schedule E. You do this regardless of your other income.

If the bottom line for your rentals is a net gain, then you have a net gain from a passive income activity (income from a rental activity is passive income). However, if the bottom line for your rentals is a net loss, then you are allowed to use up to $25K of your net passive loss to offset your other ordinary income provided your other income is below $150K.

If you can’t use some or all of your net passive loss to offset other ordinary income, then you carry your losses forward to the next tax year.