I suspect in my state that signging the lease alone doesn't form a contract without "consideration" in the form the that first money. 

Personal debt-to-income ratio is not a consideration for underwriting these loans.In the alternative, some people go to private lenders (in simplistic terms, groups of wealthy people who have pooled together to form a mortgage company) who are willing to lend on investment properties that banks are not willing to underwrite.

I received pro-formas from the builder but not sure if those numbers reflect reality.

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

Real estate gurus teach: Only buy rental properties based on actuals (actual net operating income) not based on pro-forma (or projected net operating income).Although it sounds good and reasonable, after doing this since 1999 and having bought more than 1,000 apartment units, I have NOT bought a property based on the actual income the seller is getting (or has gotten while he/she owns the property) ever!

I'm looking for a pro forma or analysis tool that would help with this project.

I see 4-5% rent increases in pro-formas all the time.

There is a proven all cash buyer right there, simply contact them and form a relationship with them.Learning how to estimate rehab costs is not easy but it is also not rocket science, it just takes practice.

Two uniits with 3 bedrooms and 3 baths per unit.The pro forma for the property projects top dollar in the zip code.

. * 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 inspection* Are 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 upfront* Sell only in cheap. low end neighborhoods* Don't accurately represent the neighborhood/property classification* Don't have consistent rehab standards for all properties* Don't provide a scope of work for the property* Can't provide references of repeat investors* Require you to close before a tenant is in place