The audio to midi converting process induces latency.
And the lower is the height note, the worse it is.
In the past, I used to play my bass lines on a guitar, an octave higher than the normal line, and then convert the midi notes an octave lower in the midi editor in Reaper. The tracking is way more accurate this way during the recording.
Nowadays, you cannot achieve good results without a specific harware.
For 15 years, I've been using a GK-3 pickup and a Roland GR20 converter with one of my guitars and I'm very happy with the results.
If ou are lucky, you could pick on ebay a Boss DR5 rythm machine. It includes an audio to midi converter that works pretty well (but in mono). I have got one and had much fun before I turned myself to the polyphonic GK-3 system.
There are software solutions as Jam origin, but it's nos as quite satisfactory as the company claims.
And as b2001 said, the vst you use to play live makes a huge difference. You must try a lot of them before you pick the one with the best tracking efficiency.