I unfortunately seem to learn this hard way on my own projects every year as a recurring annual lesson... 

I'm also thinking about getting my real estate license and my understanding so far is that you don't just pay for the online course and the exam, in order to keep your license, you have to pay annual fees for many things.

Particularly since the appreciation projection is such a huge component of your annualized return.

@Hunter Wolfe my budget depends on the month honestly.

A lender may maintain records in any electronic format capable of being reduced to written form; and(j) In addition to the records that the lender is required to maintain under OAR (1)(k), the lender maintains records used to make the residential mortgage loan, including, but not limited to, tax returns, bank statements, financial statements, annual operating statements, and business operating statements.

Separate google sheets for both options. 20yr https://docs.google.com/spreadsheets/d/1IStmjtOnYp4-Ebpbo8CHJePQ4omH5uMJvmJ4HllenTw/edit#gid=197459841130yrhttps://docs.google.com/spreadsheets/d/1KFyesawCRtA6zO0DEvNShNPDEx4M4DVrGj_g0msSPpA/edit#gid=1728890052For IRR calculation it assume 2% annual increase in rent and 3% appreciation as a very conservative historical measurement, but given where we are in the cycle it can still be worse (down for a few years and then recover). 

But it isn't required and there is a lot of work and some annual fees associated that you should consider as well.

@Scott Wolf - Thanks!

If you don't mind sharing, what is your average occupancy rate on an annual basis? 

My simple recommendation based on the Gary Keller book Million Dollar Real Estate Agent was to spend 10-12% of my gross annual sales commission on marketing.