Just starting out and testing waters for BRRR in Chicagoland area.Any advice or suggestions regarding this?

It is a lot of work to build property (more than fix and flip) so prepare to be busy.  

.)- All in Cost = Cost to build * Square foot  - Sales Price = All in Cost + (All in cost * 20%)* Covers contractor and soft cost on either fee based or cost+- Profit = (Sales price - (Sales Price * 7%))* - All in Cost   accounts for agent fees and closing cost- Initial List Price = Sales price + 10%      A buffer to test market absorption- Break Even being All in cost, point where everyone is paid except me. - List price is to test the market absorption at "x" price. 250k land + build.

I have just started in a 3-day training for the Lee Arnold broker certification program and thus far just completed the online material required for preparation. 

What I love about Baselane is that it was built BY real estate investors FOR real estate investors so it's really dialed in to what you're going to need in order to prepare your taxes, keep your books up to date and the more operational aspects of being an REI like tenant vetting and processing rent payments.

I just want you to go into your investing as prepared as possible. 

Submitting real offers that you feel confident actually closing on and having a strong sponsor to work with that has a track record will go much further towards you winning deals.In short, you can pursue larger deals right out of the gate if you want to, but generally expect that it'll take you longer to win one and make sure you have the right players on your team so that you're prepared to win them and to close them once you do.

You better be prepared to handle the management though..

I don't have personal experience with it, but when the app was first developed, I contacted the developer and put the app through a fairly robust test usage to see if it's something I would want to recommend to my clients (I'm a CPA).I think the app is great for its intended purpose and I do recommend it to my clients now (and have for about 18 months now). 

@Jason Dubon I use a percentage of the rental income to prepare for expenses.