I'm looking to form a simple tax strategy based on a very small portfolio, I want to do it right while taking advantage of all the tax advantages that come with REI. 

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.

Form a Limited partnership and ill be the GP?

As a Real Estate Professional in the Tampa - Sarasota market area I can attest to the hundreds of pro-formas that I put out quarterly. 

If the attorney is offering to issue a title policy post purchase ask for a pro forma commitment before bidding so you can see what exceptions to title will be taken so you'll have some idea of what defects in title will not be covered by the policy.

I don’t think they can adjust for 2/1 if it is not currently a 2/1 because now the appraiser is basically increasing the value of a property based off of what it could be, almost a pro forma, rather than how it currently operates today, “as-is”.

Other ways are more creative. like forming an llc and syndicate a loan, you get investors into the llc and then you form a mexican fideicomiso, the US llc would be the lender and beneficiary of the fideicomiso and in case you dont pay the loan, the fideicomiso forecloses the property and gives the money back to the investors. 

And you have mentors and Lifestyles staff to help you evaluate the property and put together the pro forma financials. 

They're trying to sell on the pro forma of all spots filled at market rents at first.

Typical investor presentations typically start with the projected overall returns, which almost any model will provide (in fact that is effectively the whole reason they exist), and often a hold period summarized pro forma, to show a bit more of the details that flow into your returns.Again, I think you should hit up Adventures in CRE.