I would encourage you to form a relationship with a landlord attorney in Texas who can assist you with needed forms, agreements, advice, etc.

Im looking to partner with someone in a multifamily deal 10 or 20 units  how does that work? any thoughts?

go back and read my statements above even with your biased pro-forma. 

If I had to try and sum it up it would be: Form a corporate entity for asset protection; buy properties using leverage to maximize the use of your money; write off your expenses through your business  including depreciation, taxes, insurance, repairs, etc to maximize your tax deductions.  

If you were to open another bank account specifically for the rental property, it would be in your personal name unless you open an LLC and form a business account.

While degrees are not mandatory, a few prerequisites are necessary to successfully execute a ground-up deal.You can engage in networking extensively, but unless you can speak the language of finance, comprehend its metrics, and know how to utilize them for in-depth pro forma modeling, progressing in the business becomes challenging.The initial step in executing a development project is to identify and properly control the acquisition of a site.

Please show me an updated pro forma including the new investment you are asking for and clearly articulate how your revised plan will support it. 

I strongly recommend you write up an eye-catching pro forma on what you intend to do.

Happy to show some of my P/Ls and share pro-formas I use to calculate costs.

Would love to hear from @Dawn Anastasi who I believe manages some C properties.In Kansas City, I have seen C properties yielding 25-35% in certain cases, and B properties producing closer to 12% would people take that extra 20ish% pro forma returns for the head aches?