Basically, with the tax changes of 2018, if you are renting below FMV (and it appears you're renting way below that) then the property is still considered personal use. Nothing gets reported on SCH E and the income is reported as "other income" and that's it.
The only deductions you can claim on the property are for mortgage interest and property taxes. Both are a SCH A itemized deduction subject to the SALT limits for itemized deductions.
