And a pro forma vs. end of year actuals are very, very different.

With commercial office space starting to return, I am interested in establishing a syndication group that would be willing to invest capital into commercial office buildings. I have over 30 years experience in operati...

I would confirm this first.Otherwise, I just use Excel and develop my own pro forma from there.

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

Look up the courses taught by Justin Kivel, specifically the Pro forma modeling course and the real estate financial modeling boot camp.

To my BP family,When I am running my pro forma on a potential investment property, I always get stuck on whether or not my expense numbers are correct.

The answers to these should form a good foundation for the forum to respond with some ideas. 

I would 100% recommend that in whatever market you choose to invest in , that you form a relationship with a good property manager, as that can make-or-break how well your LTR goes. 

We should form a little group and share info as we have similar backgrounds.

But in my opinion, the biggest issue I see with folks jumping into their first "big" multifamily deal is the quality of the pro forma.