@Joe Villeneuve is right about formulating a plan. 

It will result in you formulating the decision based on your head and not your heart.Account Closed made some excellent points coupled with great questions that will help you put this thought/purchase to rest one way or another.Good luck with your decision and keep us posted on the outcome one way or another.

In order to formulate that, they will survey the market for similar units and apply a market derived rental rate for the units to arrive at the potential gross income. 

You either need to formulate a plan on how you fit into this pre-existing LLC structure, or form a separate LLC for the one you are in with them on.  

People tend to formulate biases when there is an assumption or expectation certain groups will do negative things while other groups wont.

With all the renos we did, we only put in about $15k in renovating costs.So, when we were ready to buy another house, I started formulating a plan. 

I agree with Jon, the rule applies so long as the assumptions used to formulate the rule apply, that's why you pencil it out before you sign a contract.

We too plan to have multiple properties and want to get as much right from the start as possible.I've been listening to the BP podcasts and started formulating a Rent Talk book to put all the tenant informant into one document for our renters and ourselves.Thank you!

If it's a multi unit building - live in one unit and rent the other units.Hopefully, others will add to my comments, so you can formulate a game plan.

I was more than okay with this as I figured it would be very helpful to have someone like this help me formulate a detailed scope of work for a GC to undertake the project.