Prioritize your research: 1- ACTUAL gross income collected examine this carefully and determine for yourself the quality of this income (late pays, turnover, eviction record,etc)2- examine expenses- Concentrate on the accuracy of the most significant expenses- are they higher/lower than they should be?

Looking to get into multi-femily investing and I'll want to apply this formula I examine some deals.

The lender will be interested in your experience managing properties - or that of your hired management - and will examine your own financial strength to demonstrate you have some acumen and are not a fiscal basket case.  

When it comes to NNN leases you may find but at least examine if your thinking is not more optimistic than you will actually be able to put into practice. 

Continue to read, listen and examine your personality, abilities and current situation to develop a plan that is workable for you.

An Investor’s Examination of Benefits & Costs

Specifically, make sure you schedule re-examination of the deal to determine if you hold or sell.  

I'm surprised they would even assist you in forming an entity, I can tell you bank examiners would not smile on that.So, ask that attorney why so much, it's boilerplate stuff, forms, an idiot can fill them out, but it's the operating agreement that needs careful consideration as to what you will be doing in the future.

I'm currently enrolled in some local community college courses and will be taking the CA license exam in the summer.

If you have the language perhaps you can post it so that people can examine what it says.