For real estate specifically, it depends, in many instances an LLC is not required but ok as long as done properly (properties are bought in LLC and not bought and mortgaged in your name and transferred). 

When any calculator or spreadsheet is oriented toward only one outcome (rental for instance) you have what is called "confirmation bias".

I don't understand why you need to do what seems like extensive work on the HVAC.

If the people want to extend after the first year then just do an extension, why lock yourself into 2 years when you don’t know what type of tenant they will be?

For instance, my properties run about 1,500 in operating expenses, but its variable based on factors like seasonality.

@Sylvester Hardison, I am going to echo other's thoughts, but it also depends on what your current education level is and where you feel your weaknesses are.Within the multifamily space, for instance, there are a lot of groups out there.  

I lent $225,000 of which $185,000 was for the purchase of the property and $40,000 is going toward renovations.As a lender I just want to get back my loan amount back (in this instance $225,000) if there is a total loss with the property.I have seen where a lender tells the insurance agent how much property insurance he/she wants based on a price per square foot calculation.On the other hand I have also seen where a lender tells the insurance agent that the amount of property insurance should be the loan amount in this instance $225,000.

Annual registrations, point of sale inspections, turning a blind eye to the most awful owner occupied housing while being overly strict to investment properties, courts that continue to drag out the eviction process; excruciatingly slow, laborious, and expensive permit processes; evictions that continue to be granted one extension after the next... these are the difficulties you run into in those cities. 

These sites typically provide extensive catalogs of floor plans designed by professional architects and designers, offering customization options to suit different budgets and project requirements.

Do you have extensive experience with them?