Their pro forma sheet doesn't take into account ANY vacancy or repairs when calculating cash flow, and the rent comps are...ambitious. 1.

Most also rely on beefed up rents and unrealistic operating expenses in their pro-formas to justify higher sale figures and can generally take advantage of their investor clients who are not familiar with the nuances of the market.Again, my recommendation is to be more active with your earliest investments but if you feel so strongly about a particular market network and partner with the leading developers  in that  market.

We are looking to, form a JV with a seasoned investor/rehabber, someone experienced in the local market.

Not knowing anything else about the future this keeps your pro forma not overly weighted one way or another.

The benchmark is what people do for pro formas and try to re-write history in the future, it never works that way.I've been deeper than anybody here in physical asset investing, albeit not REI, and it's just not the case that history is relevant.

It's used to form a barrier from one business to another.

Can it support pro forma rents?

The numbers and pro forma may look attractive, but are they achievable.What is the median income of the area?

You could either form a Joint Venture (JV) agreement between you two individually or between your two LLCs. 

Odds are that the changes needed are not likely to help one get near to the Pro Forma goal/wishes.As an LP, I'd want to know if we were going into the closing w/o the full raise, and for sure to be kept up to date on the plan to resolve the shortfall asap.