. - The property manager should be able to educate you on a market (if needed) , help you form a strategy, fit right into your due diligence process, and execute on a clear takeover game plan as soon as you hold title.- Resonable pricing for the area! 

Do we need to create a partnership or form a LLC??

Many investors take the easy route and glance at the IRR and form a conclusion in their mind as to whether the deal is good, or not.  

This is a FAR more accurate method of maint/capex estimation than the good ole' pro-forma 10-15% :)Now if you buy a property that's got some older components, you should look at your short term maintenance budget vs. your long term maintenance budget.

You can either form a new local LLC or register your out-of-state LLC as a foreign entity. 

Some are as simple as being on the same form as the general pool liability waiver.

The single family rental product has to be tailored to long term tenancy or they are losers.The rest of my expenses are carefully underwritten and basically match my pro-forma. 

Like other people said, a lot of times the numbers in the pro formas are baloney, particularly if the property is listed on the MLS or Loopnet.  

Maybe I form a syndicate?

The best way to get a contract is to form a relationship with a buyer.