I may come across as a bit harsh here, but if you just bought the business didn't you analyze the rent and tax situation and incorporate it into your pro forma?

Those are some awesome returns I need to mosey on South someday from Buffalo and pay Erie PA a visit 😀Hey I didn’t say the tenants actually pay the rent every month lol that’s the part you don’t see on the pro formas !

Although every situation is different and the possibility to succeed using either strategy is possible, I'm curious to hear the opinions of experienced investors to form a realistic view of the market before I go ahead and purchase my first investment. 

I'm going into this with 2 partners and looking to form a business. 

And give out a "pro forma" promise of cash flow. 

You will not not able to form a new LLC and get a business loan to develop a property.Sounds like a vacation home would be a good option for you  as they are the easiest and most turn key of everything you mentioned.

Brokers will often quote cap rates based on pro forma calculation where they assume improved rents and reduced expenses and those cap rates will be greater than current because their pro forma NOI will always be better than the trailing NOI.  ...Reminds me of "lies, darned lies, and cap rates"

There’s a lottttta great markets in Florida, up & down the state.Here’s a great summary, courtesy of the amazing @Avery Carl, of the kind of numbers you can expect on the Panhandle (including complete pro formas).

If you find a fixer upper that is going to be too much trouble with conventional financing or a seller really motivated by cash offer that would be the tool to reach for, otherwise use your other tool in your belt but making sure to keep whatever tool you end up using updated in your analysis and pro-forma. 

As I understand it, once you form a valid entity in the US, with an EIN and bank account, then you would have access to a commercial loan.