Here is some of the property info ( I received a pro forma from the owner but will request P&L and rent rolls once under contract) as well as my calculations for Cap Rate and NOI.  

@Haseeb Awan If the only variable that you are looking at is YoY pro forma return, yes those numbers can be reached.

This may be a long post, but I thought it would be good to walk through everything step-by-step, and explain my thinking along the way.If you want to stick with me through it all, here we go:I was not going to be getting a conventional mortgage for my first property for a number of reasons.First, I am still annoyed at the hoops I had to jump through to get a mortgage for my primary residence.Second, my liquid cash was on the lower end.Third, the properties that I would need to start out with would not be financeable anyway.Fourth, my DTI is on the high side, due to the decision that we made to take out a HELOC to complete interior improvements on my primary house.So, I decided that my path was going to be to form a single member LLC, and take a loan from my 401(k) at work to finance the down payment.Since I do not view the 401(k) loan as a long-term solution, I am treating like hard money, and pay it off ASAP.So, my first deal would be a flip, or a rental that was such a good deal, that I could re-fi out and pull all my cash out.I decided to reach out to the commercial lending department of the local credit union, which I am a member.The person I talked to (who became my lender) is fantastic.I told him what types of properties I was looking for, and that I’d look to turn them into rentals, or to flip them.I will never forget his response, which reminded me why I love this credit union.He said:“Typically, the deals you are talking about are much smaller than the deals we like to do.However, we also realize that you can not get to that level unless someone helps you get there.So, if the numbers make sense, we will see if any of our products fit.”Awesome!

Be careful they are not trying to sell it on Pro Forma numbers rather than actual numbers. 

Are you going to form a legal partnership or LLC?

I intend to use BP as a means of getting a solid foundational education in finding and analyzing deals and to form a network of investors with similar goals and interests.I'm currently looking for a REIA to join in the area and would love suggestions!  

Obviously the numbers are not firmed up, but this is pretty close and I have to go off of pro forma for the MF, which I am pretty conservative with.

@Carson WilcoxThe self-directed IRA can obtain a non-recourse loan form a hard money lender or bank for investing in real estate.

Hey guys can we form a group to help each other become better as William has stated above.

I am looking for an attorney/firm to help form a series LLC for rental investments.