Or, you can do what I hate, you can construct a pro-forma based on what the property *could* rent for, arrive at a fictional NOI, and use that juiced NOI estimate (along with your cap-rate) to come up with a value that looks great on a listing. 

If its not correct, the tenants will let you know.The next step is to build a year pro forma by month for the income and see if it compares to the seller's numbers.  

Is pro forma not a listing requirement? 

My suggestion would be that you form a joint venture with a builder in which you contribute the lot (valued at FMV), the builder contributes the build costs. and you split the profits pro rata.

It's also been under contract about 6-8 months ago.I have pro-formas, a good looking, full property, a good location, a semi-motivated seller, a good rapport with the seller, plus some interesting financing options.If someone with any insight could reply or PM me I can discuss the specific numbers.

But are you suggesting not to form a company, or companies?

I wrote up a business plan and starting to form a LLC - Now that I'm almost ready I'm getting cold feet.

I'm aware of the MERIA based out of Collinsville, but I'm looking to form a new group with a different vision, and less St.

That's  lot of money, but you have some time.2 - Look at a ton of houses and start doing pro formas.   

The key is to form a hypothesis on whether the dividend/distribution will be cut and how much if so.