As a Real Estate Professional in the Tampa - Sarasota market area I can attest to the hundreds of pro-formas that I put out quarterly. 

Hello Taryn,Have you considered securing hard money for short-term use to complete the apartment scope of work and then refinance for a conventional loan either based on "As-Is" (pro forma market rents w/ no tenants in place) or "As-Stabilized" (fully rented) condition whichever the lender will allow?

How does this impact the pro-forma and budgeting leg of your acquisitions & bookkeeping workflows, respectively?

The bank had a pro forma, repairs/renovations, CMA, etc in advance but it was never communicated to the appraiser.  

Do you have a reasonable pro forma drafted that you can use to analyze deals?

Skips, late payments, unit damage, etc. drive economic vacancy and thus pro formas are often very inaccurate.

I am out of state, in california, and looking to connect with people locally and form a team because I see great potential for short term rental growth in the area, similar to what has occurred in the Joshua tree national park and smoky mountains NP areas.Timothy Doenges, I would also be very interested to hear your thoughts on what the local STR market is like/BRRRR potential if you have time.thanks in advance,Paul  

You need to do a LOT of code research and pro forma studies before buying land to develop. 

This is a FAR more accurate method of maint/capex estimation than the good ole' pro-forma 10-15% :)Now if you buy a property that's got some older components, you should look at your short term maintenance budget vs. your long term maintenance budget.

Literally it takes 15 minutes and $102 to form a Wyoming LLC