@Dale K PoyserThey probably don't know how to run a pro forma lol.

Ask for a FULL pro-forma on an available property and got a response in 3 days.  

But regarding the ownership of that LLC, my questions are:1) Do we need to go ahead and form a Corp now before we have any property? 

It's purely an indication of past performance, or a wildly optimistic pro-forma.

You can't trust the OM on most deals, but they at least provide a thorough underwrite on deal, the sub market, the pro-forma, the demographics, etc.Ultimately once you are ready you just need 2 things:1.

I'm curious from the perspective of pointing at the owner's pro forma to justify a low-ball offer.Thanks,Dan

I’m putting together a pro forma and was looking for realistic ballpark operating expenses insurance water electric….

CoC = 1-2% to start with with a conservative Pro-Forma. 2) The minute the rent control comes into place the deal starts to make no sense. 3) There is a value add play to create 2 new studio's here- ADU's in garages.

I don’t really care what the price is, I care about cost of leverage, trueness to expenses, lease length, quality of tenant, pro-forma speculation, and most importantly, pre-tax cash flow.

They are trying to sell the property and will "pro forma" the numbers to make the deal more enticing!