Ultimately I want to invest in multi-family homes, and I feel this line of work would get my involved pretty heavily. 

But ultimately, I think you should get your license!

I see the ultimate goal as being equity (rather than cashflow -- I don't mind breaking even every month, but I don't buy if I'll be operating in the red).

Higher rents mean a higher CAP, NOI and ultimately a higher higher value.                 

Ultimately, I think we decided that we are going to spend our dollars in upgrading the units to attract better tenants and raise our rents to market value.  

Ultimately you will need to register the LLC to conduct business in the state where the property is located.

I already checked with the city and they are behind on water payment for last month so I'm expecting that I will be stuck with at least 2 months of unpaid water bills as well (the owner of the property ultimately is on the hook for that even if the account was in the tenant's name). 5 day notice was served yesterday and next Tuesday I'll be filing for the Forcible Entry with the county court if the payment is not received. 

My ultimate goal is to develop massive condominiums or apartment complexes for profit and investment purposes.

With a size like that, it is relatively irrelevant.I recommend reading The Ultimate Guide to Grading Cleveland. to get an understanding of the varying types of neighborhoods we have here in the Cleveland area.

Ultimately, per @Christopher Phillips link, the residual land value analysis is the preferred methodology.