What about lawn care/snow removal, pest control, legal, accounting, and other miscellaneous expenses.Are there other Rehab/repairs needed other than the ones mentioned?

When he did the walk through we bickered with each other, disagreeing on almost everything and he did not care for the architect's plans.

It's the struggle between being a caring, compassionate human being and running a business.

Care to share more about the property?

The NPV is the Net Present Value of an income stream, discounted to the cost of capital (or required rate of return) and the IRR sets the NPV function = 0 to get a rate of return.

And in my experience, bad tenants are by far the #1 most costly expense of an investment property. 

We also knew we had to redo the plumbing, which we did as soon as we took possession to let her know we want to make sure she is taken care of.

I was referring to a monthly charge to allow pets. have to be careful though if they claim it is a comfort or medical pet, most states wont allow you to charge more for a pet in that case.

But then we're back in the same boat of an llc not being able to take out a mortgage correct? 

We lose a ton of money if we are not careful.