I totally think you should have a general understanding of underwriting to evaluate how realistic the pro forma is.

Legally speaking, you guys would form a partnership to own the property.  

It does no good to place capital with a sponsor who has an attractive pro forma to find out later they can't be trusted.

I've made a few of my own pro-forma type tools and budget and building programs in excel, but the bigger pockets printouts look a lot better than what I can produce on my own.

That pertains to buying more real estate especially an investment property that requires reserves and a DP that comes form a liquid reserve unless the lender allows for the use and the calculation of DTI with the new payment is within approved ratios.

However, I highly recommend that if you use this strategy, you form a rock solid team or you can run into some major issues.

I’ve found a limited number of banks willing to lend on a pro-forma.  

I don’t really understand some of the categories, such as Pro Forma cap, NOI, and Purchase CAP.Any insight will be very much appreciated.

Make sure it is there or you won't be able to execute your strategy to meet your pro forma and you'll end up wishing you had never bought the park.Assuming there is adequate demand, then the park may be worth pursuing at the right price. 

So you should be able to build a -12,000 strip center on 1.27 acres.Let me know if you need some help running a pro forma.