Our plan is to move forward initially with buying single family homes in the Chicagoland area, and then use the BRRRR method to raise the equity in them so that we can grow larger and larger by buying properties with the increased equity seen after each renovation.

They pay power at ____ monthly and when they move in if water useage increases more than a minor amount I adjust their utility payment.

If they were rented to tenants and that essentially just increased your rent then absolutely include it.

Does this increase my property taxes?

If not, I'll be the hero and increase the purchase price to cover their shortfall...

With just the recent 50 basis point increase in rates lenders have dropped the LTV they provide some borrowers. 

It has a $16.90 Cash on Cash return and could increase my cash flow $373 on the conservative side.My question is, how do I split the profits with a private lender?

Not sure if the rents can be increased?

If you have great credit and good income, you could borrow money on a personal loan, remodel the whole building to increase value, and then refinance to pay off the personal loan.

The other assumption or gamble here is over time the property will appreciate and rents will increase to a point where I no longer am losing on the investment.