By accelerating your depreciation schedules, you reduce your taxable income which in turn increases your operating cash flow.

A cash our refinance only makes sense if you've increased your equity after you bought.In terms of the DTI issue, you can overcome this by obtaining commercial loans like DSCR and hard money financing, rather than conventional.

They also increased my line of credit by another $40k due to extra equity within the property that I can now use to acquire more units.

Do you self manage or use a property manager?

@Kristine O.Are you self-listing?

I self manage and for me, adding another here locally does not increase workload much.  

Imo, what you would spend on the deductible would increase your basis in the property.

Could readily be up to 40% in taxes depending on the circumstances.Assuming this project was gone into with the intention of flipping it (that is the wording you used at least), it is self-employment type income subject to ordinary income tax rates and self employment tax. 

Increased property taxes may have an effect on your total investment returns and cash flow.Make Connections with Local Investors: Gaining knowledge of the Chicago market may be achieved by establishing connections with real estate brokers, property managers, and other experts in the field.

Seek out locations that are undergoing gentrification, development, or expansion where property prices may increase over time.Creative Financing: To fund your local deals, consider unique financing solutions including partnerships, seller financing, or private loans.