You could also form a trust where all three of you are trustees.

They give a lot of information, but still lack a basic way to communicate current results vs pro forma.   

So, my decision to come in low was for multiple reasons: 1) These were C properties in C neighborhoods. 2) There was definitely a lack of maintenance based on the pictures and the google street views. 3) These rent rolls/expenses were a pro forma so I couldn't guarantee that they were on the mark.

Good on the meditation, gratitude, fitness, podcasts, and reading - terrible with journaling.If Joe or anyone has any tips on how to make it easier (and form a habit) to journal daily, I would much appreciate it!

But yes, you could form a LLC or something.

I want to form a Single Member LLC. 

If I'm reading your pro-forma correctly your debt payment plus expenses comes to $685 only leaving you $65 per month net. 

With the new tax laws, is it better to form a S-Corp for tax benefits vs. using an LLC?

My initial projections based on a buy and hold analysis are:$1550 a month in income(Lots of assumptions here)$904.78 monthly expenses(Including maintenance, management, and the vacancy rate)$645.22 monthly cash flow23.45% pro forma Rate$9240 net operating incomex 50% for expenses equals $775Monthly interest/payment equals $124.78Total monthly cash flow using 50% rule equal $65082.90% cash on cash return on investment30.90% purchase cap rateTotal operating expense $780 dollars a monthAs I stated earlier, the house is close to downtown and the State University.

Make sure the seller is giving you actual income and expenses and not pro formas.