For an investor that has several units, we typically create a additional column  on Schedule E (assuming a personal tax return) called "General & Administrative".

However, I have a few concerns:Pros:Living condition: 1400 sqft → 1700 sqft with some boutique featuresThe rental market seems good in this area.Another property is added to my existing real estate portfolio, which currently includes two other properties.Cons:Interest rate: 7% - No guarantee of decreasing the rate, which means there might be no opportunity for refinancing in the future.The current home is too new to be rented out.People often say not to buy property in Chicago due to high taxes and low appreciation.There’s no necessity of moving since I have a decent primary home.Any professional advice would be helpful. 

Any advice is appreciated.Impossible to answer thishow much was cash offerhow much is it listed forarw you listing it high or too much?

q=how+much+income+for+rent&...This is such a basic question and if you can't put the effort into researching the answer - you're highly unlikely to succeed as an investor.

If the returns are there for the investor, they will continue to operate the property or will trade it to someone else who will do the same.

Inflation- still have plenty of hard assets and development land sites, to ride any high inflation moves.Let me know if you recommend any changes/adds to the above action items. 

Previously, I dedicated many years to selling custom and semi-custom residential properties for a highly respected and well-known builder in Atlanta.

That being said, dev. deal investors can be compensated higher returns than acquisition investors in light of the additional risk. 

I HIGHLY recommend checking it out as it outlines exactly what to do.

I will use hard money and private money but always borrow the money responsibly and under that every deal carries risks and there are no guranteed returns.