Hello BP,If I am looking at deals and am ready to put in offers but cant afford them alone and wish to form a partnership, how and when do I go about doing this?

He wants to form a llc together and let me manage and perform all the work and repairs to gain equity towards the properties.

But dont form a puddle or lake doing itI dont know what your annual rainfall is or largest event of rain is,,,but LOOKS like your going to get this house dried out underneath. 

With a short sale you generally get an authorization to release form signed from the seller.On that single form a tip is to get ALL places listed on the sheet.

I did about 50 pro-formas based off of T12s that I got from vacation rental markets (both ski and beach) and never found a property rented for 300 days out of the year, let alone closer to 330.  

Most likely you are getting numbers from the pro forma and not the actual rent roll or bank statement sheet.

So if the current tenant assigns the lease to the new franchisee, my view was that the new franchisee wouldn't be able to form a new entity and stick my friends restaurant in there (perhaps with other stores operating at a loss) rather than the new franchisee's larger entity/portfolio.

You just wrote:- "These are the number:Purchase Price $28,110Rent = $7910tax/insurance/management = $2410NET RENT = $5,439 = NET ROI 20%"[Which by the way, is very different from what you wrote in your original post].Any provided "pro forma" figures will not have been given as guarantees, so, forget suing.Anyone buying Real Estate must be aware that there are more expenses than "tax/insurance/management" (and I'm not just talking about borrowing costs)!

PM me and I'll send you a form that gives instructions for completing this form, as well as instructions for completing lien waivers. 

Financial Data – I have created more detailed spreadsheets to model this out but here is a quick overview.Price: $150,000 (thats what I would probably offer the owner)Renovation: $525,000 (units) + $75,000 (miscellaneous items)Total Cost: $750,000Pro Forma Rent: $277,200Expenses: $138,600 (estimating 50%)Net: $138,600Cap: 18.48%Obviously the above numbers would be excellent.