Hi Michael,I think what you need to do is find a local RE investor that can verify your pro forma. 

There may be people who think they are masters at vetting syndication's and have enough pull to form a cabal and force their will on the sponsors if things go awry, but that doesn't apply the OP, evidenced by the questions he is asking.

What happens if we form a LLC but we can't find a good deal to buy, then do we still need to file the income tax return for the LLC and issue K1 for every partners?

For example, MMLLCs will generally run $1,200+ in tax prep costs whereas a SMLLC does not file a separate tax return and thus avoids tax prep costs (for the most part).To scale an entity structure without incurring high costs, you and your partner may form a MMLLC that then takes 100% ownership stakes in subsidiary SMLLCs that own the properties (assuming you aren’t syndicating).Or you may start a real estate fund that is a MMLLC with various share classifications.

Actions they shouldn't take.All of that has to be built into your pro forma. 

LOL, I do run my own pro-forma, but, thanks for the golden advice!!!

Every small bank I’ve ever used makes a pro forma including those other items and usually requires 1.15-1.25 DSCR to lend depending on terms.

Often, brokers / owners might try and use the cap rate value on a future pro forma of rents, it happens to often, and its important to not pay tomorrows price for a property today.

I'll use your data to produce a pro forma report for your project.

That way you won't be going backwards on your pro forma in the future when you sell those homes.