Should I be conservative and include the P&I, or just the Interest, as in the draw period, payments required are interest only?

The draw of watching a movie is strong, but I know if I give in, I'll feel like I wasted my day.

In general you can get about 0.8%+- rent to price ratios on decent fourplexes here, depending on where you draw the line on decent.

The advice he gave me was - if you're going to move your properties into an LLC, don't draw any unwanted attention to yourself by paying your mortgage on time all the time.

I am looking at drawing up a lease-option for my downstairs tenants who have been with me for 8 years.I have never done one of these and would be appreciative for some advice in structuring. 

You could have your attorney draw up a legal release of those items for her to sign.

I was just curious to see if anyone on this forum has an example I can read over and draw my own ideas from.

I realize the obvious risk of partnering with my sister, but we would have a lawyer (I work at a large law firm with a large (50m/yr) real estate practice/department) draw up a partnership agreement that would cover all of our bases.

Couple follow-up points here:1) Given the predominant importance of "location, location, location", as your post indicated, what resources do you use to locate/pin down good locations?

You just don’t know and you certainly did not provide enough information to draw the conclusion you did.