Once I am able to source a potential deal, I would work with a firm to perform the financial analysis such as creating the pro forma, underwriting financial models, partnership structuring, etc. in order to increase credibility on the financial side.Next is when I would be working with a legal team to draft the PPM (506c), Subscription Agreement, Questionnaire, and so forth.

You may be interested in it, just for yourself, however if that amount is too much and you want to possibly form a partnership... let me know and I can give you some more info!

Do I need to make up a pro forma spread sheets, anyone have examples of these? 

It depends on the institution, some will have you sign a form as part of the contract and others make you sign a form at closing. 

Brian, I would guess you would need to form a new LLC, to be a Single Purpose Entity (SPE).

It does no good to place capital with someone who has a great project with an attractive pro forma, to find out later they can't be trusted. 

It is correct that you will not be able to get away with just moving the loans to an LLC as it will show up on your tax returns.One option could be to form a corporation (C, or S), and take the money out as a W-2 salary.

Question: I'm building out the pro forma for a theoretical investment property.

I'm new so take it for what it's worth.Sellers typically use pro forma numbers, which are usually BS.

@Eduardo Zepeda , like James mention if some of the partners will have a passive role you may have to form a syndication regulation D.