A pre-ordinance (built before July 8, 1957) residential building or building of mixed residential occupancy, not complying with the requirements in force and applicable to the building at the time of its conversion, may be altered so as to legalize one dwelling unit, in addition to the number of dwelling units originally authorized, providing that said unit was determined by the office of the zoning administrator or the zoning board of appeals to have existed prior to July 8, 1957, and provided such building complies with the other provisions of this chapter.

This is a form for financial institutions only, in my opinion.

Financial freedom is of course always the goal and I am sure if done right the money will come my focus is wanting to build a legacy for my family !!!!

A realistic summation of the financials, tailored to whatever the circumstances are the house presents.

This is generally minor alterations. 

Also, if you were going to sell one, it would be good to be able to provide financials for the property to a buyer.

Not only did it help us out financially, but it set a great example for our kids who saw us working hard and doing it ourselves.

Its  courageous step and seems like you secure yourself financially before  jump in as full time Investors.  

Your safest option is to insist in the standard 12 month renewal and make sure they fully understand their legal/financial responsibilities if they break the lease.It may be standard for wealthy tenant's in A++ properties to attempt to negotiate their lease but that does not fly in my blue collar world.If they decide to leave you will be farther ahead even with the turn over costs.

Age is not the right question to be asking in my opinion, knowledge, financial stability, and comfort level with a given strategy are far more important.I would love to get your thoughts on this and read your article when you're done.