My calculations are based on 2 sets of numbers - the numbers the seller has provided, and my own calculations accounting for 5% for vacancy, 5% for repair, 5% for capex, 10% for property management and actual costs for property tax/insurance.I am trying to decide if this deal is worth pursuing or if I should walk away due to the premium on the homes.

It will also make year end accounting and reconciliation so much easier and showing your assets vs liabilities for future lenders - whether traditional or hard money. 

However I recommend speaking with your accountant/tax advisor before making this determination as this may differ depending on the individual and their objectives. 

Save yourself the time and energy and reach out to local accountants. 

Be sure to take property taxes into account too - there's a huge difference across the country. 

Sometimes 5-10% is safe but if it’s your first deal you want to bump that up more unless you have cushion in your numbers or in your own bank account.

Just be sure you actually keep the LLC and rental property separate and don't commingle any assets/accounting.

Do not expect them to be proactive in their communication when it comes to renewing leases or anything else.There have been 3 instances where accounting has messed up on my account resulting in more than or less than the normal amount being deposited into my bank account.

Take into account the probable opportunity cost to the seller of being unable to deploy the proceeds where he will, and the seller is even further in the hole.Like I said, contradiction in terms. 

I would definitely tailor the worksheet for your own calculations; for example, I added a "capex" percentage to the sheet as part of  expenses I want to account for.