I do not see why you would want to form a partnership.

You must try to form a local's point of view even if you are not an actual local.  

A property manager who can educate you on a market, 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.There are many good investment properties with great cash flow even after all expenses are calcuated.

First you will need to create a proposal complete with T-12 P&L and RR on your first 4 plex, then would need to show your design plans, zoning approvals and pro forma on the new 4 plex.

Buyers get discounts for doing business with they're title companies so when you have a deal, your buyer will tell you which title company he wants to use then you will start to form a relationship with them. 

. - 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.