It needs to spell everything out from what business you're doing, how you're taxed as a partnership, how much of the LLC each person owns, what happens if someone wants to leave the LLC, how the LLC is completely separate from you as individuals, etc.It's some money up front, but for a truly strong LLC setup, I suggest you look up Al Aiello's LLC Mastermachine.

Some markets are strong in multifamily, some with SFH.

The cap rate, cash flow, and other calculations strongly depend on how I treat the money I’ll be saving in rent.

I would build an extra half bathroom but it would destroy the architectural integrity. 

I will strongly suggest this. 

Stocks could correct anyday but the fundamentals with employment and housing remain strong.

When the market began to crash in 2008, demand for some assets disappeared immediately while demand for others continued at a strong pace almost 2 years. 

I have strong vision with projects.  

Also, I strongly believe becoming a Realestate Lawyer would greatly help in the long run but don't want to deal with school loans.

The reality is the big players will have a strong deal flow and will come up with deals they can't take into their existing pipeline.