Pro formas are just projections for numbers, not guarantees, so go into it knowing that. 

The ROI, cash on cash, and all of the other numbers on a Pro Forma.

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

They have 4 other syndications that are 100+ unit apartments and both own 10 or so air bnbs in Granbury TX. they sent over the pre forma for those apartments deals.

Hi, all, I see in this forum many people are recommending form a LLC and use the LLC to hold rental for asset protection purpose.

you can form a little mastermind of folks doing the same thing and support each other.it just doesn't make sense for folks with no experience to partner.good luck

That is high pressure sales form a home improvement salesman .

If so, do I form a JV or how would that work exactly?

I think insurance will want you to replace the electrical, and if you're in Florida, they make you change the hot water heaters if they're older than 15 years.You're buying on pro forma, but you're borrowing on actuals.

Do I have to form a team for out-of-state properties or are there other better ways to go about it?