You can ask for seller pro-formas, but they always fudge the numbers a little bit.

I have 1 property in MA where i reside and will be closing on a second one soon and I am starting to look into LLC.The first property has my name on it, and want to quit deed it to the llc once formed.The second property will be acquired with a partner who is bringing in a very small amount of cash into the deal.Here is what I am thinking for structure:--1) Form a Single memeber WY Holding LLC with just me on it.--2) Form a multi members MA LLC owned by the WY LLC and my partner(he will have a very small percentage) This LLC will house both properties--3: Once I raise enough cash, I will buy him out and get him off the MA LLC that has those 2 properties.

Sounds like a great time to form a partnership!

No history can be sourced for all the answers, only clues and insights that might help form a plan.

I'll get a chance to meet them and form a first impression.

Shows about a 7.5% pro forma and 10% return COC.

@Jared Carpenter It's good that you're taking this time to be productive and form a battle plan. 

. $300 to form a native TX LLC - which itself has, from what I understand (NOT being an attorney), excellent legal protection. 

If the partners are active, actually helping with management, signing loans, etc, then it is a JV and you can form a simple partnership to own it, but still will need to consult an attorney to draft docs and make sure everything is covered.For the 20% PML/80% bank, you will need to be careful with your lender, as they may view that as debt too, which it is. 

T3, T6, T12, Guestimate or Pro-forma would all help frame this.