As I am building out my pro forma, I keep running into this headache as to whether I need to incorporate sensitivity tables. 

Granted, I jumped in ignorantly, not fully understanding the pro-formas, just looked at their track record.  

Check in with @Joseph Chiofalo for Pro Forma support and analysis he can help plug in loan terms with investor friendly financing. 

Are you buying on actuals or a pro forma?

seems like you made the right choice, many sellers want to base an evaluation on pro forma numbers which is entirely unrealistic.

Not before that long it could become more interesting for you than for us here.Now, for us building a portfolio of rentals (and btw also an option for Americans), we avoid this by not doing it as an individual but with a company (SL) and changing it to company tax (first two years 15% and after this 25%) and creatively deduct way more costs.It is true though that this is a good way if your strategy is to reinvest your money time by time building something bigger/passing it along to kids/relatives etc, because when you want to take money out of your company you would need to pay dividend tax or in the form as a salary.   

I cannot understand how a P&L would not exist in some form for each property, or at least monthly operating statements or a pro-forma.

It is a legal question, so I recommend finding a Landord attorney in your state to form a relationship with for such questions.

My advice is to form a relationship with a landlord attorney in your state, and in particular, one that is very familiar with property management, to prepare your lease specific to not only your state laws but also how you want to do business.

You can form a team just from the people on this forum.