If you were also working as a stylist, then your income and expenses for that work would be reported on Schedule C Business Income and Expenses. This indicates that you are self-employed and your net income from working as a stylist would be subject to self-employment tax. Each of your tenants would also file Schedule C as part of their tax returns to report their income and expenses as a stylist.
Then, your income as a building owner renting to others would be reported on Schedule E Rental Income and Expenses. The Schedule E income would be separate from your work as a stylist because it is not subject to self-employment tax. On the Schedule E, you would report the rent you received from your tenants and your expenses for the building. This would include mortgage interest, property taxes, utilities, insurance, and other things. The building itself would be depreciated as well as any furnishings that you add to the building.
Take a look at the following TurboTax help articles to learn more:
How does starting a business affect my taxes?
What kinds of rental property expenses can I deduct?
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