Based on the T12 and pro forma, the current rents are lower than the rents that I used in this analysis.4.Based on my market research I believe that we can get those rents.Thanks for your input, I would love to connect and hear what other questions you have and see if we can be of value to each other going forward!

Here is a link to the municipal oridnances: https://library.municode.com/w...More important than the length of lease is the actual form; a lot of leases I see have language in them that makes them unenforceable, because they violate state law.

Thank you, but I have financing and a detailed pro forma profitability model. 

Ben and I are going to form a mutual admiration society!)

Unit rents have already increased from $1200 avg/mo to $1500 avg/mo (our pro-forma #'s.).

From a pro forma perspective, if it pencils then it’s worth looking into.

Looking into Racine WI area since pro formas indicate a 1% rule strategy.

Check out our pro-forma,  let me know how your project differ...

Obviously, these will not be allowed to be rented at Market rate but that's what pro formas are for.

Partnerships just lack the limited liability protection and if you are doing the GP/LP thing, then its just gets more complicated especially since its just the two of you, and there really isn't much of apoint...A multi-member LLC is taxed as a partnership if that is where you were going with it...You could, if you wanted, form a new LLC with your partner and using your existing LLC as the member.