You can check out this article on the best states to form a Series LLC.

Here's how the process works as I understand it:1) You list your property2) Tenant expresses interest     a) you do your background check - if approved:3) Tenant gives you their S-8 RTA form     a) You fill out your portion and return it to S-84) They determine if your rent is within their market guidelines     a) If it is not, then they say "hey,  your rent is too high for our program, we'll only allow $635/mo, not $650" (as an example)     b) It's up to you at that time to determine if you will accept the lower amount or not.

Alternatively, if the same firm that is helping you buy is also responsible for managing the home, it avoids finger pointing should the reality not match with the pro forma.

A friend and I are looking to form a lasting RE partnership and looking to get it legally drafted. 

The best way is to form a relationship with them and then start adding value to them as often as you can.

I look at plenty of offering docs and when an agent tosses together a pro forma and again their expenses only come out to 25%, then you know it’s rather unrealistic which makes the asking price rather unrealistic.So if you are a wholesaler prepping emails to send to investors, if you are saying 30% expenses then depending on the deal they won’t take you that seriously because your pro forma is unrealistic.

Good morning BP family ,I am justing starting out as a real estate investor and i plan to form a LLC.

When you're evaluating different turn key companies, in general, the ones to avoid are the ones that: Don't allow financing or a finance contingency (it can be a good indication they are selling above market value)Don't allow for your own independent property inspectionAre not realistic with their pro forma's (i.e. they don't include vacancy or maintenance projections or use unrealistically low vacancy factors)Require you to pay for any renovation upfrontSell only in cheap. low end neighborhoodsDon't accurately represent the neighborhood/property classificationDon't have consistent rehab standards for all properties

We nubes are not stupid, we can run pro-formas, we can swing a hammer, we can hire trades and we can funds deals.  

I can provide you with pro forma statements to give you a good idea of what you can expect for income, expenses and profit for various vacation homes here.