When you go to sell years later, or should you want to illustrate your holdings to a 3rd party to get a loan perhaps, these numbers will be evident and show on a pro-forma.  

Re #1, you will definitely want to form a business entity when partnering with someone on the deal.

(you're fine)"Should I form a bunch of LLCs?"

A contract is basically;an offeran acceptance of that offerand consideration In MD I have often heard is said that if there is no earnest money deposit then there is no "Consideration" to form a legally binding contract.

.- The pro forma rent is listed for $975 / month (estimated from gross income).- Each unit is 3BR / 2BA,1200 square feet.  

I am a big fan of "A" type properties as I have a bunch of these in my own portfolio; on paper these returns do not look as good, but in the long run, these properties consistently perform better then the Pro Forma.  

Your question would be better if you posted, in a general way, what you wish to accomplish.For example, are looking to form a real estate holding entity, review a proposal, draft an agreement, settle a dispute, litigate a matter, etc.?

My wife and I just got back form a year of world travel.

Based on my experience, lenders will apply a percentage (~75%) of the rents collected or will calculate the Pro-Forma NOI to cover the expenses of the property.

Justin: Here in California, a mold disclosure form as part of a lease is not a legal requirement but is certainly something I would not omit.