One of the great disadvantages to US citizenship is that you remain subject to US taxation your entire life. And not to spook you further, but every few years Congress threatens to do away with the overseas earned income exemption - section 911 of the tax code. The only recompense we get is that we are allowed to vote in federal elections (president, US senate, US congress) from overseas indefinitely - and of course we don't have to go through the visa hassle when we want to visit back home.

Rental property is not a great tax dodge. Yes, you can take depreciation, which will help - however depreciation will lower the basis of the property so that your gain is just that much higher when you sell. And if you later move back to the property you have been renting out, it can complicate the whole issue of using it as your primary residence (at least for tax purposes). Putting your property into a corporation might help somewhat - but be careful how you withdraw money from the corporation, what with double taxation of dividends and what not. You may want to check with a lawyer or property management company to see what they can do for you in that regard. (Obviously, their services aren't free.)

If you're working in Dubai, you won't have a W2. Granted, what you declare on your tax return as income is pretty much up to you - BUT the IRS does have ways of checking and comparing what you declare with sources overseas. Don't know about Dubai, but many European countries do share tax and bank records with the IRS. And there is the practical matter of the statute of limitations - normally the IRS has a limited period of time (I think it's 4 or 6 years now) to contest anything you have declared on your return. For income not reported, there is no statute of limitations - which means they can come back at you at any time, even after your death (usually when your inheritance tax return or final income tax return is filed by your estate).

There is the possibility of renouncing your US citizenship, but there are penalties for doing so "for tax purposes." The most recently enacted of these is that they will require you to file one "final" tax return whereby you recognize a hypothetical sale of all your worldly assets so you can pay capital gains on everything. There's also the little matter that, having renounced your US citizenship they "may" deny you any form of visa to enter the US ever again. (Not that they will, just that they have that threat to hang over you any time you want to return.)

Bottom line is that, for US citizens, you aren't going to be able to enjoy tax free income no matter where you live in the world. This hits those who work for the "international civil service" too - organizations like the UN where salaries are normally tax free in the country the agency is located.
Cheers,
Bev