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. 

You need to develop a pro forma and use that to come up with a return on your investment (whether that's cash on cash, internal rate of return, etc).

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 propertiesWe've been active in Indianapolis since 2010 and would be happy to help.

I do know foreigners can't own land but you can lease it and own the building, or you can form a corporation with 75% Philippine ownership and the corporation can own the land. 

Should we form a new group?

Then you could form a Partnership and purchase apartment complexes that make positive cash flow on day 1 and if you purchase 32 units you can budet for a Property Management Company and still make some cash flow each month. 

We we keep that in mind and form a plan for a quick pay off of the HELOC.  

I have no idea how to form a business plan, any tips?

The seller is asking for $115,000 but I was going to offer $110,000I haven't seen the inside of the house, but since the house is fully occupied I wasn't going to do any repairs on the place yet.Down Payment: $23,000My analysis says:  $1,500.00 MONTHLY INCOME $847.15 MONTHLY EXPENSES $652.85 MONTHLY CASHFLOW 11.51% PRO FORMA CAP $13,233.00 NOI 30.13% CASH ON CASH ROI 11.51% PURCHASE CAP RATEDo these numbers make sense or am I missing something vital.

We are looking to form a multi member LLC.