You are required to file a complete and accurate return, which means reporting the income that you earned along with atleast the direct expenses that you incurred on your rental.There are two comflicting forces - Your tax accountant wants to be aggressive with deductions because it will entitle you to paying less taxes(now or in the future).Your lender wants to see as much income as that will increase your Debt to Income Ratio(DTI).The good thing is that you can speak with your lender about 'one time expenses', that were only incurred in that year and are not reoccuring. 

Who is Bob Stevens AKA Bob Prisco and what's his involvement in Cleveland?  

@Nakul PatelCalifornia is generally more cumbersome than other states when it comes to taxes and filings.

I do have a CPA who is knowledgeable and involved here.

To learn creative financing, you'll want to get involved with your local REIAs, listen to podcasts, follow people who are educators on creative financing, etc. 

Do you have the knowledge in this filed of realestate ? 

Out of the many programs I've been involved with his is one of the few  I can truly say is worth the money. he's smart and knows RE.

It may involve creating a trust or moving the deed into an entity.  

You file for eviction and they employ multiple delay tactics that extend your court case 3-6 months without batting an eye, all while not paying rent.

@Jaime Farias I think part of the problem is the learning curve of all the other involved parties.