Unfortunately most investors believe their excel spreadsheet will provide all the answers but I recommend combining your pro-forma with a greater emphasis on physical interaction with the properties and more importantly neighborhoods where you decide to invest.

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.

Form a Wyoming LLC3.

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

. - 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. 

Pro Forma is latin for "Total BS".

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

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