First property - Noob needs help!

[Will T.]

Hi all!

Myself and my good friend want to get into REI. We are currently looking at a 4plex property that has an asking price of $360,000 that is situated in a nice area. It brings in $3560/mo with 2 units being month to month and 2 units rented long term. The units are all duplicates but 2 of the units have a small backyard. The rent varies per unit from $790 to $975. We plan to immediately stabilize the rents to bring in at least $900 from each unit. The property has been on the MLS for 45 days now with no offers; kind of alarming, but we've elected to go view the property on Monday. Through the BP Rental Property Calculator, we came up with a potential ROI of 15% if we self-manage & pay full asking price..which we do not plan on doing.

Here are some questions I would absolutely appreciate answers to:

• How should we acquire first time home buyer joint financing? (We do not have the ability to put down 20% on this property.. we only have $50,000 cash available)
• We asked if Land Contract would be available, if they say yes.. is this a smart way to finance? 
• Should we create an LLC so that legally we can own the property jointly?
• Are my estimated operating expense numbers logical? (see below)