I recently purchased a single family rental property here in Rochester about 15 min away from where I live.I went to go apply for a COO and noticed on the form a yes/no question that i dont know how I should answer.

To understand something is really about breaking it down to its most simple form. A

In my conservative pro forma, I use 1.25%. 

If you started a business selling t-shirts, you wouldn't form a separate entity for each shirt sold.

An ideal workflow for something like this might be:Send nicely branded mailer with your website that's not too slimy salesy but piques 50 people's attention --> 50 people go to your website (directly, because it's on your mailer) and go "wow this guy looks like a professional" --> 20 contact you through your super easy to use online form - a lot of people get nervous to call someone and talk about something scary like selling their house but filling out an online form is low risk for them.  

Pro forma should always be based on the conservative of any range

I would still form a new LLC with your partner.

If you're logic is that you feel like you'd enjoy paying 15% less, it's unlikely that the seller is going to want to sell.However, if you come to the seller with some information about why you think you're asking price is more appropriate (rent is lower, CapEx or repairs needed, etc.) you will at least have an opportunity to talk about it, without frosting the seller.Extra bonus note: using the fact that it's been listed before or been on the market for a long time as justification for a lower-than-asking offer on one of the lowest cost assets currently available in your market will DEFINITELY frost the seller.You'll need to get your hands on a rent roll or a pro forma, too ... it'll be tough to do good analysis without the basic numbers, even if they are padded a little.

I am looking to work/meet with local investor, real estate agent or anybody to provide me with guidance or form a mutually beneficial arrangement .

Hey Lara, as a non citizen you can form a company here in the states, get a registered agent for the company and then purchase a mailbox via the company for the company's use, use the address to open a bank account and viola you are ready to invest here.