If you aren't planning on ducting, then mini splits can be the way to go.

I own a home which I’m currently living in and planning on making a long-term rental property as well once I move out.

Roads, water/sewer, city services, heck even just the planning for such is not a simplistic thing for all. 

Sometimes it makes sense to have a back up plan for a DST. 

And yes, there is a risk that your rates would go up or they can drop you - but unfortunately, many insurers in that are may already be planning to exit the market or raise rates on everyone to make up for loses.One thing to note about a claim like this, insurance will usually pay for repairs to the damage caused by the problem, but not fixing the actual pipe that broke.

The longest terms our plans provide to pay back the money is 5 years and the payments get made automatically through payroll deduction. 

The plan was to buy a warehouse, lay down turf and hard courts and lease the space to local schools and leagues and host tournaments.

Here is an example with some figures:My LLC total investment = $204,000Partner LLC total investment = $196,000Value of project when complete = $500,000Each LLC value afterwards = $255,000 / $249,000The plan was for me personally to go get the refinance loan because the terms are so much stronger than if I went portfolio with the LLC.Loan total = $300,000 (keeping at 60% or under of value for best terms from the bank)Partner LLC payout = $249,000My LLC payout = $51,000In this scenario, I am struggling to see how to get the remaining equity in the project into my personal name? 

My suggestion to any one that are first time real estate investor in fix & flip, or planning to hold property for rentals, is to learn or read, understand about real estate financing first, build your assets and network or partner withsome has completed some projects in fix & flip and has some rental properties with positive cash flow within your immediate area before dving in to any project by youyrself.

Otherwise you have to plan for worst possible results.