One thing to consider is that just because the property is sub 1% rule based on the seller pro-forma, doesn't mean it isn't capable of becoming a high performing asset.

Last year I tried to form a JV to buy notes and it was a nightmare.  

I am constructing a Pro-forma for an apartment building here in San Diego. 13 Units, asking price of $6 million and I'm having a hard time finding a good number to use for insurance costs.

I form a new partnership and we purchase a 4 plex with his cash and then with a month or 2 we are able to cash out most of his cash with about 20k left in and then we move on to a few singles.  

So i have this 4plex im interested in but dont know if its a good deal i ran numbers based on pro forma and got good numbers then i finally got the financial spread sheets and renters roll and its still kind of good but want to run it by you guys: some backgroundProperty was rehabbed by current owner. has 4 separate hvacs all interiors have been painted newer roof new carpet new tileList Price: $309,000Year Built: 1960'sUnits: (4) (2) 2 bed 1 bath (2) 1 bed 1 bathGross Monthly Rent: $2,695Rents: $595, $595, $710, $795Monthly Mortgage w/ 25% down & 4.5% interest rate including insurance and taxes: $1,356Water, Trash, & Sewer: $200Management Fees: 10% ($269)Maintenance: 5% (134.75)Landscaping: $130Tenants pay electricity and gasfeel free to plug in any missing factors all help is appreciated

Good afternoon everyone,I am looking to form a business entity prior to acquiring my next (2nd) property.

Should I form a separate LLC for each property in whatever state it's in? 

I am looking for a real estate lawyer that would be able to help with forming the LLC, assisting with the contract to form a partnership and help with contracts.Any help is much appreciated.Thanks!

What do THEY know, that the potential BP Investor-wannabes that post the pro formas don't?

Total Cash NeededBy Borrower:$19,350.00 Monthly Income:$4,800.00Monthly Expenses:$3,905.92Monthly Cashflow:$894.08Pro Forma Cap Rate:7.73%NOI:$33,259.00Total Cash Needed:$19,350.00Cash on Cash ROI:55.45%Purchase Cap Rate:8.11%