Unfortunately in situations like this you are required to come up with a pro-forma NOI in order to be able to formulate an offer.

In my case, I am a buy and hold investor buying from a distance, looking to form a working partnership with and train a local house-hacker or BRRR partner, who I can train to be my local boots on the ground.In this, I am looking for more of a top level "master list" of the key areas of responsibility and knowledge/expertise that are needed for a full service enterprise, to evaluate my own areas of weakness, and also evaluate potential partners for what they will need to know and learn.Thanks in Advance,Aaron

I do pro forma off of a per sf to get ballpark.

And you're inclined to believe the pro forma numbers as presented to you?"

Tommy Tong you can form a new LLC and buy the property thru a commercial loan with 25% down. 30 yr fixed.

Would I need to form a company to work down there.

Owner pays monthly water and each tenant pays their own separately metered Asking price 320,000Monthly Income:$4,890.00Monthly Expenses:$3,731.69Monthly Cashflow:$1,158.31Pro Forma Cap Rate:9.45%NOI:$30,236.40Total Cash Needed:$96,000.00Cash on Cash ROI:14.48%Purchase Cap Rate:9.45%Purchase Closing Costs:$6,000.00 Estimated Repairs:$10,000.00Total Project Cost:$336,000.00After Repair Value:$320,000.00 Down Payment:$80,000.00Loan Amount:$240,000.00Loan Fees:Amortized Over:25 yearsLoan Interest Rate:4.700%Monthly P&I:$1,361.39 Total Cash Needed By Borrower:$96,000.00Total operating expenses:Mortgage expenses:Vacancy:$342.30Repairs:$244.50CapEx:$342.30Electricity:$350.00Water & Sewer:$400.00Insurance:$200.00Management:$391.20P&I:$1,361.39Property Taxes:$100.00ARV based on Cap Rate:$755,910.00All advice welcome.

Should I form a LLC (or other entity) prior to the first investment purchase?

Owner pays monthly water and each tenant pays their own separately meteredAsking price 320,000Monthly Income:$4,890.00Monthly Expenses:$3,731.69Monthly Cashflow:$1,158.31Pro Forma Cap Rate:9.45%NOI:$30,236.40Total Cash Needed:$96,000.00Cash on Cash ROI:14.48%Purchase Cap Rate:9.45% Purchase Closing Costs:$6,000.00 Estimated Repairs:$10,000.00Total Project Cost:$336,000.00After Repair Value:$320,000.00 Down Payment:$80,000.00Loan Amount:$240,000.00Loan Fees:Amortized Over:25 yearsLoan Interest Rate:4.700%Monthly P&I:$1,361.39Total Cash Needed By Borrower:$96,000.00Total operating expenses:Mortgage expenses:Vacancy:$342.30Repairs:$244.50CapEx:$342.30Electricity:$350.00Water & Sewer:$400.00Insurance:$200.00Management:$391.20P&I:$1,361.39Property Taxes:$100.00 ARV based on Cap Rate:$755,910.00All advice welcome.

I've asked the same question here on BP and most people will tell you form a team, through networking, and build your boots on the ground that you trust.