Also, you will want to have an Operating Agreement when you form a L.L.C.

Include 1 year, 5 year, and 10 year goals so that investors can see your passion and how you are going to be successful.Include some type of spreadsheet that shows a pro-forma analysis of how you will get to your target number of properties using an assumed ideal property. 

The rosy pro-formas touting above market rents to last forever year after year is a loser as it is not sustainable.

Every one of those options will help form a good foundation for real estate investing.

One of the sections was all about creating a pro forma.

It doesn't seem to have a pro forma with easy to calculate numbers but rather has been analyzed with a spreadsheet formula.

Usually we form a couple LLC's, but don't want to confuse you right now. 

Any tips would be greatly appreciated, as I am a complete newbie.11623 Candle Ct Henrico VA #1516458Total Cash NeededBy Borrower:$32,400.00 Monthly Income:$1,250.00Monthly Expenses:$780.12Monthly Cashflow:$469.88Pro Forma Cap Rate:9.30%NOI:$10,600.00Total Cash Needed:$32,400.00Cash on Cash ROI:17.40%Purchase Cap Rate:10.39%2720 Old Point Dr, Henrico VA #1513690Total Cash NeededBy Borrower:$24,500.00 Monthly Income:$1,300.00Monthly Expenses:$946.68Monthly Cashflow:$353.32Pro Forma Cap Rate:8.48%NOI:$9,712.00Total Cash Needed:$24,500.00Cash on Cash ROI:17.31%Purchase Cap Rate:8.63%

I'm signing my first property in NYC to rent out this week and would like to form a circle of friends with fellow investors.

Depending on the lender, they may be more interested in the pro forma (potential) income and expenses to ensure you are able to make mortgage payments on the property.