Also, are these pro-forma?

The less the "other" partners spend on the fix up, maybe the better their ROI, which may be contradictory to your return... all the fine details to be ironed out in pro forma/budget.

I have seen where you discount the 50% rule of thumb as misleading but can you share the actual economics and pro forma projections of the deals you are buying?  

Should we form a new LLC that purchases the homes and retains all of the profits while only reimbursing his GC company for actual costs incurred?

I realize that they may vary depending upon a variety of circumstances, but I'm trying to get a general ballpark figure with which to begin until I can form a more personal opinion thru experience.

Good day BP Community,I wanted to see what is your opinion when it comes to create a Pro Forma for any Single/Multi Family Home investment.

I would simply show a pro forma on that asset, and if you're doing portfolios I would show a aggregate projected return.

The pro formas looked good.

They will not show all expenses on the pro forma.  

@Ben FreeburgYou cannot do what it sounds like you are describing.If the LLC is owned by your and your partner personally, it would be a disqualified party to the IRA accounts and they could not transact with the LLC in any way.The two IRA accounts could either form a LLC together and use that LLC to purchase property, or they could just vest title to the property as tenants in common.