You're not accredited, so you will need to form a good relationship with syndicates that take non-accredited investors.

Selecting finish designs for homes in your area is just as much an art form as it is to evaluate comps to come up with accurate ARV's.

Mike, The Pro-forma prepared by my manager shows second year NOI at $128,500

I wanted to know if anyone has a suggestion of a new updated Pro Forma for flipping houses they like.

.--- How much is available for a down payment--- Actual Rental Income/Pro forma rental income--- Vacancy Rate--- Average rent per unit--- Management expenses/Fee--- Estimated Appraised ValueThese items will help to determine if there are any financial constraints on leveraging your purchase.The good news is that the property might marginally qualify for a 85% loan, 35 years fixed @ 6.25%, non-recourse and no balloon.My investment criteria would disqualify this property for my personal portfolio as I run my properties arms length; i.e.

You can probably get this same list form a real estate broker, or list source.  

My initial offer was to form a LLC. 

You won't make the pro forma on that investment, and lending is hard.

@Chip Dodd - Just to let you know, I have not bought any TK properties but know the providers in Memphis.The point I was trying to make was that all the providers can send you current properties they have and their associated pro forma.  

Certainly in some years you will be above or below that but for long-term pro forma purposes it seems reasonable.