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.

However in most circumstances I've seen, the tenant takes the space and completes the fit-out on their own with their own Architect/Engineer & Contractor. 

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.  

The example you cited is likely to be very rare, I do not know the circumstances surrounding it but my guess would be that that deal was financed for 5 years, maybe 10 or whoever got it was extremely fortunate.

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.

Will he/she ignore that to always calculate in some reserves or will those mitigating circumstances actually be considered?