I am currently listing an eight unit building which includes seven residential units and one commercial unit and have provided the seller of that building a pro forma income and expense statement with a 5% of effective gross income allowance for maintenance and repair expenses.

Be glad your tenants can even form a sentence.Plenty of responses are more like "hey, sup, I be interrr'sted in dat place... hit me up 483-1292.

If anyone is from the area of Plainfield, IL please send me a message and maybe we can form a network.

You can form a relationship with a local bank that does commercial lending or you can work with a larger commercial lender but at the end of the day it's going to be your reputation, your experience, your personal financial strength and the financials of the property that you are acquiring that the bank wants to know about.

The fees going to the syndicator per PPM are a bit higher than normal (with normal being based on my understanding of this article: http://www.biggerpockets.com/renewsblog/2010/08/30...) but there seems to be enough meat left on the bone for the investors based on the pro-forma (which does use conservative estimates).3.

I thought about including a contingency for MA Title V approval (or at least a remediation plan), but that might not be necessary because I already suspect that the septic is failed, so why waste money on an inspection, right? 

Revenue:  If the present revenue (3 of 5 units) is $2000/month, is the pro-forma full scheduled rent value of $3835 realistic ... are each of the vacant units capable of brining in ~$920/month without any improvements?  

If it's for a single building, then you will put in there all the due diligence information about the property - neighborhood info, property details, pro-forma cash flows...etc...  

If you use his forms I'd run it by a local attorney to make any changes that will make it more appropriate for MA specifically.

For example, in California, fractionalized notes are more common than in my state, North Carolina, because your average deal size is larger and thus requires larger amounts of capital.Typically, the next steps for a hard money lender will be to form a mortgage fund through a private placement, and that fund will raise capital through either an equity or a debt structure (there are many ways you can set up a fund).