I reviewed Form 8824 and after much research I generally feel comfortable completing the form as well as how to depreciate the carryover basis and additional (or excess) basis using either of the two allowable methods (general and simplified methods).  

@Daniel Sabato - Ensuring that you have accurate market rents is probably the biggest driver of pro formas and ensuring that you hit your investing criteria.

@Gabriel Pietryka If I were you I would find a developer that has already completed an office to condo conversion, and form a partnership.

Form a Wyoming LLC3.

. - They put in 2/3 of the money- Monthly payouts of 50% of profits- 4 month termBased on the pro forma of the rental, they'd have around a 30-35% roi by the end of the term.

Lastly, form a strong team to include lenders, title, contractors, and a knowledgeable realtor. 

How about "Beyond The Pro Forma" - Hidden expenses and revenues/opportunities as you operate/asset manage a property....

Pro Forma is latin for "Total BS".

Your best course of action is  to form a varied interest entity llc, then elect it to be taxed as an S Corp.

They’ll do in-depth analysis with pro forma statements projected out 20 years.