When I run pro formas based on splitting equity with an investor or getting a loan, it creates a fairly narrow return on both sides, so I've been scratching my hear.Recently, a friend was telling me about a team he knows in Chicago that will sign long-term leases on apartments where the owner is simply looking for stable, consistent income.

Its not even an option.What you will have to do is form a great connection with an agent in the states that you want to invest in and have them place bids for you.  

Just from the pro forma info in the listings if I ignore their expenses and simply substitute a 50% rule and apply the same cap they did and keep their proforma rents, it often comes out at something between one-half and two-thirds their asking price.

Pro forma cap rates need to be in excess of 8-9% for me to get excited.

If so, how do you intend to bring them in-line with market)Have a pro forma prepared Work on your bio – not many people do it but it adds a lot of value when building new relationships with lenders.

Too much to go into here, but one rule is that your investors can not invest more than 10% of their net worth on any one loan.Alternately, and well beyond your skill set at this point, Sean, would be to form a mortgage/investment pool.

Rainier, MD) infant investor with just one vacant lot "deal" under my belt (more on that that come via a sep post).Myself and 2 other friends from high school are looking to pool small amounts of capital ($5K cash each initially), form a partnership, and get started with seeking a deal. 

I am looking for a good multi-family and or single family pro-forma with something that can keep track of build cost. 

They might be that high in a poorly managed building with master meters, but the rents are a lot higher than other places so the expense ratio falls.For an apartment building here you need to build a pro forma with actual expenses for utilities, property taxes (1.25% of purchase price), insurance, etc.With a rent controlled building you need to know that you may or may not be able to get the unit vacant.

It would be pretty easy to add a formula along the bottom of the Pro-forma chart dividing your Return each year over your Cumulative Equity in the property and seeing in which year that number peaks.