NO ... you MUST enter ALL the rent paid along with ALL the expenses on the Sch E if the tenants pay a fair market rate. What the amount they pay covers or doesn't cover is immaterial.
If they are not paying the FMV the all the rent paid is entered on the Sch 1 line 8 as a not for profit rental and you don't get to deduct the expenses.
If this is your first time filing a rental you probably should use a paid tax pro so you can get educated on how to file what you have.
