You would report these properties as Other Investments in the balance sheet side with a corresponding credit to Cash.
Under Deductions, you would scroll down till you get the section, Business Expenses, and input the related expenses you had with this purchase. Unless, you are going to take a couple of years to complete this project for the renovations, I would then enter an amount for the renovations on an annual basis titled Construction in Progress on the balance sheet side with a corresponding credit to Cash.
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