Sorry this isn't related to the thread at hand, but I looked at your website and getting a kick out of the "notes" section on those pre-analyzed pro formas. 

Most spreadsheets provided on MF purchases list the pro forma rents ( usually inflated and overly optimistic to bait an uneducated buyer).

It seems an analyst role is the baseline entry position into CRE so I've been taking multiple courses and earning certifications in financial modeling (pro formas, equity waterfalls, development, etc). 

Is a 50% occupancy a conservative number to use for our pro-forma?

Form a relationship with the sponsor team.

REITs usually are formed with already held assets, are you sure your looking to form a REIT?

REI is no different; make a strategy that works, get some good deals done, and as it's dying, write a book, make a YT channel, form a "group" and sell masses on chasing yesterdays discovery.     

Typically, do investors form a LLC when using a Self-directed IRA when purchasing property?

Put together a pro forma (downloadable template) https://www.hudexchange.info/resource/729/sample-development-budget-and-operating-pro-forma-for-a-commercial-and/or-mixeduse-nsp-property/Accounts for acquisition cost, rehab and FFE (Furniture Fixtures and Equipment), professional fees, annual income, operating expenses and will help you calculate your gross, NOI and cash flow to 10+ years out.

In 2021 I invested in 15 different RE Syndications and was wondering how LP investors keep track of quarterly distributions and other performance metrics vs. what was originally presented in the original pro forma or updates.