These include drafting offering documents, adhering to ongoing disclosure rules, and audits, which can easily run tens or hundreds of thousands of dollars.

There are tons of filters you can use including out of town owners, single family, multi fam, equity percentage…etc. https://www.melissa.com

I'm trying to raise funds from my family and I am being asked to produce pro-forma scenarios at 2, 5, and 10 years which should include IRR and ROI.

Correct2. 100 hours could work if it's more than anyone else spent on the property including non-owners3.

Part of considering acquiring a property should include additional possibilities.

Both units rented at $1500/mo with all utilities included.

So, there is even more risk.The things that you can do, include being properly capitalized, not be greedy, (in whichever way that may be defined in the county you are buying), know solicitation laws, know Dodd-Frank, the Consumer Protection Act, the S.A.F.E.

We are in 11 markets, including Huntsville and would be happy to set up a call to talk over some options. 

By this point, they will have already thought about what might happen if you leave, including the need to turn over the unit and find a new renter.

(It was Hollywood and everybody has dogs)2) Somebody tried selling the appliances that came with the unit which included the fridge, dishwasher, stove & microwave.3) We were recently affected by the fires and had to evacuate, some tenants refused to evacuate even after police forced them to because they were "tougher than the fire".Have you heard of those horror stories about tenants completely trashing apartments and feces all over the apartment?