You can simplify right away with $ y = \frac{4x^2 + 1}{x^2 - 1} = 4+ \frac{5}{x^2 - 1} =4+ \frac{5}{(x - 1)(x+1)} $ Now when $x\to\infty$ or $x\to -\infty$, adding or subtracting 1 doesn't really matter hence that term goes to zero. When $x$ is quite large, say 1000, the second term is very small but positive hence it should approach to 4 from above (same holds for negative large values).
The remaining part to be done is when $x$ approaches to $-1$ and $1$ from both sides. For the values $x<-1$ and $x>1$ you can show that the second term is positive and negative for $-1. Therefore the limit jumps from $-\infty$ to $\infty$ at each vertical asymptote.
Here is the whole thing.