You might want to start with a chart of accounts for the business and work on the pro formas from there for the scenarios-- Treating them similar to budgets.

Also, do you use your personal name for the LLC, or do you form a business name (fictitious name) for it?

You should form a relationship with a landlord attorney so you can get answers to your legal questions; you need a legal expert for more than just filing evictions.

It is NOT in any way shape or form a responsibility of seller(s) and there representatives to ASSIST a person to facilitate there position or desires in pursuing purchase actions. 

Similarly, make sure all of these transaction participants maintain adequate insurance and list you, the property owner and any intermediary as additional insured.If you rely on an intermediary relationship (most commonly a General Contractor or Property Manager), understand the authority granted in any agreement you execute to act on your behalf.Review the indemnification provisions in any service agreement ensuring the standard of care will not preclude insurance coverage and the provision is equitable.To recap, it’s not necessary to form a land trust, separate management LLC’s or form entities in specific states believing you will hide in the cloaks of secrecy.

Come in from a position of strength, form a thesis on why you're doing this and invest. 

Form a team: Assemble a trustworthy group of experts, such as a mortgage broker, property inspector, real estate agent, and maybe even a property manager.

Again, others might feel differently here.3) property level due diligence: (takes seconds to weeks per deal): here is where I drill in with the low-level details.a) pro forma popping: I examine all the assumptions, and see if they are overoptimistic or not.

I've spent a lot of time on the pro forma as well, but a lot of the assumptions are based on the Houston market which I'm a lot more familiar with.Does this seem like a viable plan?

Again, others might feel differently here.3) property level due diligence: (takes seconds to weeks per deal): here is where I drill in with the low-level details.a) pro forma popping: I examine all the assumptions, and see if they are overoptimistic or not.