Currently started renting it for 2300$ per month , need your suggestion things I can do to fix my below situation. 

Yet, many investors overlook simple strategies that can significantly reduce their tax liability.

Be where their eyes are searching, but it's not as simple as asking here. 

If you don't and you want a suggestion or two, i can help you out. 

The rules are pretty complicated and the only people who really know all the terms and rules thoroughly are the Rent Levelling Board.Caveating that I’m not an attorney so go seek your own advice but I clarified a few things at a recent rent levelling hearing (which are open to the public and you can find the schedules with a simple Google).

Quote from @Jaycee Greene: @Basit Siddiqi How about I suggest 5a: Do what 5) says but add to it, "hire a Fractional CFO to handle most of this"?

But it seemed to me that their simple system would be easy to apply to the general REI market and make it work well.I took my time and went through the course over the full four weeks that they allowed me. 

The Rentastic (and other RE focused systems) do seem way more simple, and user friendly than QBO.

Highly suggest coming out to some of the local chicago IN-PERSON meetups! 

I appreciate any advice or suggestions you can share.