In order to do the exchange, we cannot form a new LLC with the partner--the exchange attorney says we must each form a separate LLC which will have its own undivided interest in the park.

Hi @Anthony Caleca, like @Thomas Lee I am curious as to how your investment actually panned out vs. your pro-forma numbers.

I was thinking it would be best (since I'm new and trying to start up) to form a limited partnership in my home state of NY.

From there you can form a plan.Sit down and talk with a blank slate and listen to each other first.

i.e. title search, comp report, pro forma, etc.?

Their London one has obviously done a lot better than the mentioned pro forma 4% appreciation, which will have the effect of skewing the relevance of much of the "Advice from a pro". 

There is no reason to be absorbed in spread sheets, analysis or pro-forma statements that complicate a simple task,  accounting functions that yield little or no benefit are a waste of time, it can cost you more than the benefits.

Here are the numbers.Sale price = $95kRent = $1740/monthInsurance = $4k/yearClosing ~ $2kUtilities = Paid by tenantMonthly Income:$1,740.00Monthly Expenses:$881.53Monthly Cashflow:$858.47Pro Forma Cap Rate:10.84%NOI:$10,301.60Total Cash Needed:$97,000.00Cash on Cash ROI:10.62%Purchase Cap Rate:10.84%Note: These units are low maintenance with fairly new ovens, microwaves, and fridge.

And NEVER believe the broker's pro-forma.

You'll be given pro forma information and combing through everything verifies it.