If I had started the online process to form a new LLC that same day, it might not have even been completed by today, 6 days later. 

And wouldn't that be pro-forma at best.Anyway, with all things being equal for financing, expenses, etc, would you not want to buy a property at a lower amount (if it can be negotiated and yes all things surrounding the deal fall into place) rather than a higher amount.

On property pro-formas, I'm assuming when people talk CoC returns, they refer to pre-tax returns, is this correct?

If you want to delve deeper and be more accurate, here's a breakdown:Potential Rents: $24,000Vacancy & Credit Loss (5%): $1,200Gross Operating Income: $22,800Repairs & Maintenance (10%): $2,280 Management (10%): $2,280 (Even though you'll likely manage it yourself, you should include this because 1) Your time has an opportunity cost, 2) If you grow your portfolio you may eventually hire out management, and 3) It's simply how the analysis is done, don't reinvent a wheel that's already round)CapEx / Replacement Reserves (2%): $456 (This is something that you would likely leave out of a pro forma when selling your property, but a bank would include it in the underwriting analysis, and I suggest you include it when analyzing as a potential buyer.

He wants to form a llc together and let me manage and perform all the work and repairs to gain equity towards the properties.

Whatever you do, don't rely on the seller's pro forma! 

We need someone who can advice us on our different options and help us form a company that will be involved in a plethora of RE activities ranging from Acquisitions to RE Tech. 

Available CC balances actually help your FICO, not hurt it, form a mortgage lending point of view.

That & seeing actual financials NOT pro-forma, would round it all up.

If it's a cash flow play, you can run pro-forma with a friendly multi-family loan broker just from listing information.