What @Mark Pedroza said, is the same approach that i used to form a list.  

Landlord tenant specific attorneys likely have their own form, as do I.  

So even if you pick a state with stronger protections like WY or NV, the cause of action arose in the state where the tenant fell, so likely that the court where the accident happened would have jurisdiction.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

Does anyone have a method to analyze this and create pro-forma without T12 expenses?

Just have your own pro-forma, and be conservative about rents, value, and operating costs. 

They could then form a JV with a group that has sufficient capital but without the ability to source and or execute the project.

In my BRRRR pro forma, I forecast appraisals 10% below the value that I believe would be established by selling the property. 

Looking to form a joint venture with a property owner.

I would like to form a long-term partnership with an agent to create a mutual exchange.